Porsche is taking the development of future EVs very seriously. So seriously, in fact, that the automaker has announced it’s investing more than six billion Euros ($7.4 billion) by 2022 into developing technology for plug-in hybrids and fully electric cars, doubling its previous electric mobility investment plan last year. The decision was made by the Porsche AG Supervisory Board at its most recent meeting. "We are doubling our expenditure on electromobility from around three billion euros to more than six billion euros," said Oliver Blume, Chairman of the Executive Board.
"Alongside development of our models with combustion engines, we are setting an important course for the future with this decision." Around 500 million euros of this investment will fund the development of the Mission E and variants of it. The Mission E will mark Porsche’s first foray into the luxury EV segment, which is expected to arrive in 2019 with prices starting at $75,000 to compete with the Tesla Model S. On a single charge, a recent early test drive revealed the Mission E delivers a 300-mile real world range and a top speed of 155 mph. Three models are expected: a 300 kW setup that makes 402 horsepower, a mid-range model with 400 kW batteries and 536 hp, and a 500 kW unit delivering 670 hp.
Porsche also says the Mission E has created around 1,200 jobs. As part of the investment, another one billion euros will be used to produce fully electric and hybrid versions of existing models like the upcoming plug-in hybrid 911, while several hundred million Euros will help Porsche expand its production facilities and around 700 million Euros will go towards developing new technologies, charging infrastructure and smart mobility. Porsche has also announced a joint venture with Audi, Volkswagen, BMW, Daimler and Ford to construct 400 rapid charging stations across the major European traffic routes by 2020. Porsche’s dealer network will also become part of the charging infrastructure.
So far, plug-in hybrids have proven successful for Porsche, with the flagship Turbo S E-Hybrid version of the Panemera making up 60 percent of the model’s sales in Europe. Now that more established manufacturers like Porsche and Mercedes-Benz are making major investments into EV development, Tesla’s reign could be under threat in the not-too distant future.