Porsche doubles its electromobility investment to £5.3 billion

PORSCHE is doubling its investment in electromobility to expand the number of electrified variants in its existing model line-up, as well as creating further derivatives of the all-electric Mission E.

Porsche Mission E PORSCHE

Porsche is doubling its investment in electromobility, which now stands at €6 billion

The German luxury car maker’s electrified vehicle investment now stands at €6 billion (£5.3bn), which will be split between the creation of all-electric and hybridised powertrains, expanding factories to incorporate electrified technology, and improving charging infrastructure.

Oliver Blume, chairman of the executive board of Porsche, said: “We are doubling our expenditure on electromobility from around three billion euros to more than six billion euros.

“Alongside development of our models with combustion engines, we are setting an important course for the future with this decision.”

Porsche says that about €500m (£444m) will be used to create production variations of the , Porsche’s all-electric saloon concept.

Porsche Misson-E PORSCHE

Porsche Misson-E is an all-electric saloon concept

The electric drivetrain uses permanent magnet synchronous motors developed from those used in the firm’s Le Mans-winning endurance racer, gets 800-volt charging for faster battery refills and has a claimed range of over 300 miles.

The German car maker says that the rapid charging can add about 250 miles of range in just 15 minutes.

The firm is also investing in a series of 800-volt charging stations along European highways alongside Audi, BMW, Daimler and Ford as part of a group called .

Construction of the stations began in 2017, and the companies aim to have 400 across the continent by 2020.

Last year, Porsche announced it was ditching its hugely successful endurance racing program and would instead focus on competing in the all-electric Formula E series from 2019.

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