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Porsche doubles investment in electrification. Image by Porsche.

Porsche doubles investment in electrification
More than 5.31bn pledged by Porsche Supervisory Board to future EV plans, to 2022.
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What's all this about?

Porsche, in a meeting of its Supervisory Board in Germany, has pledged to plough more than 6billion (about 5.31bn) into its plug-in hybrid (PHEV) and pure electric vehicle (EV) future. The money will be invested between now and 2022.

Where will the money be spent?

A total of 3bn (2.66bn) will be swallowed up by development costs. The rest of it, amounting to slightly more than half, will go to a variety of projects: 500m (443m) will be spent on the Mission E project, which has already created 1,200 new jobs within the company; 1bn (866m) will be used to electrify and hybridise the existing range of products; several hundred million pounds will go on the expansion of existing Porsche sites; and 700m (620m) has been earmarked for new technologies, charging infrastructure and smart mobility.

What else does Porsche talk about?

Porsche is, along with Audi, representing the Volkswagen Group in the Ionity joint venture, in which those two brands plus BMW Group, Daimler AG and the Ford Motor Company aim to operate 400 rapid charging stations on the major European traffic routes by 2020.

Anything else?

"We are doubling our expenditure on electromobility from around 3 billion to more than 6 billion," explained Oliver Blume, chairman of the Executive Board of Porsche AG. "Alongside development of our models with combustion engines, we are setting an important course for the future with this decision."

Matt Robinson - 5 Feb 2018

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