Porsche doubles its e-mobility investment

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," explains Oliver Blume, Chairman of the Executive Board of Porsche AG. The plans have been bolstered significantly to include around EUR 3 billion of investment in material assets and slightly more than EUR 3 billion in development costs. From the additional sum of EUR 3 billion euros, some EUR 500 million will be used for the development of Mission E variants and derivatives, around EUR 1 billion for electrification and hybridisation of the existing product range, several hundred million for the expansion of sites, plus around EUR 700 million in new technologies, charging infrastructure and smart mobility, the company states in a press release. At Porsche AG's headquarters site in Stuttgart, a new paint shop, a dedicated assembly area, and a conveyor bridge for transporting the painted bodies and drive units to the final assembly area are currently being constructed. The existing engine plant is being expanded to manufacture electric drive trains and the body shop will also be developed. Investment is also planned for the Weissach Development Center. The Mission E project has created approximately 1,’00 new jobs. Porsche also is becoming a member of Ionity, a joint venture with Audi, the BMW Group, Daimler AG, and Ford Motor Company. The goal of this venture is to construct and operate 400 powerful rapid charging stations along the major European traffic routes by 2020. Construction began back in 2017.