Porsche set to double investment in future tech

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Porsche Mission E
Mission E is Porsche’s first full EV.

PORSCHE said it would have invested more than $7 billion in its electromobility projects by 2022, which will come on top of “sizeable investments in its sports car business.” Spending will focus on derivatives of its Mission E model, hybridization and electrification of its current model range, as well as on developing smart mobility and charging infrastructure.

The announcement was made after the car maker said its worldwide deliveries of vehicles rose 4% in 2017, or to 246,375 units, and that its revenue for the same period increased 5%, to $27.4 billion. The company added its operating profit grew 7%, to $4.78 billion.

“This successful financial statement confirms our strategy. We are using our high earnings level to support an unprecedented future development plan,” said Oliver Blume, chairman of the executive board at Porsche AG.

“We have succeeded in boosting our operating result by over 50% within the last three years,” noted Lutz Meschke, deputy chairman of the executive board at Porsche AG. “Porsche continues to be among the most profitable automobile manufacturers in the world. This is down to continuous improvements in productivity, our stringent cost management strategy, as well as our outstanding product range.”

Mr. Meschke added Porsche’s aim for 2018 is to “stabilize revenue and deliveries at [a] high level,” while also expecting the “next boost in sales” to come from the launch of the Mission E — the brand’s first purely electric vehicle.

The car maker said it already started building derivatives of the Mission E — like the production-ready concept study of the Cross Turismo, shown at the Geneva Motor Show in March. The model has a system power of over 600 hp, a range of more than 500 kilometers, and can accelerate from rest to 100 kph in under 3.5 seconds. Battery charging time is four minutes for a range of approximately 100 kilometers, Porsche said.

Porsche also unveiled the 911 GT3 RS in Geneva. “The GT3 RS features the most powerful naturally aspirated engine Porsche has to offer,” said Mr. Blume. The car makes 520 hp, accelerates from rest to 100 kph in just 3.2 seconds, and has a top speed of 312 kph.

Mr. Blume also emphasized the “non-financial aspects” — or social responsibility — Porsche’s business.

“We never view our economic success in isolation… We don’t see conflict between economic, ecological and social aspects. They must work in harmony with each other,” he said.

The executive cited as an example the company’s plan to increase the number of technical training students from the current 106 people to 156 people, all of whom set to work on the Mission E project. He added there are “around 750 training places” currently available at Porsche.

In the Philippines, the Porsche Training and Recruitment Center Asia provides world-class training and financial sponsorship to underprivileged Filipino youths wanting to become Porsche service specialists. The program is the first of its kind outside Germany, according to Porsche.