Porsche ups EV targets, confirms 911 hybrid sports car

The all-electric Porsche Taycan Turbo.

Source: Porsche AG

DETROIT — As the all-electric Porsche Taycan sedan outsells the German automaker’s iconic 911 sports car, the company is increasing its electric vehicle sales targets. It also plans to roll out a hybrid version of the 911.

Porsche announced on Friday that it expects 80% of its global sales to be all-electric vehicles by 2030. This compares to previous plans for that amount of sales to be a mix of all-electric and electric vehicles. plug-in hybrids, which include internal combustion engines with battery technologies.

“The future of Porsche is electric,” Porsche CEO Oliver Blume told media during a panel discussion.

Blume declined to predict failure of non-fully electric vehicles, citing a “flexible engine strategy” that could include internal combustion engines, hybrids and plug-in hybrids.

The Taycan is Porsche’s first and only fully electric car to date. It accounted for about 14% of the company’s 301,915 vehicles sold in 2021. Taycan sales were 41,296, topping the 911’s record sales of 38,464 units.

The company’s next two electric vehicles are expected to be the Macan SUV in 2023, followed by the 718 sports car by 2025. Blume also confirmed that a hybrid version of its 911 sports car is coming, but he doesn’t did not disclose a release schedule.

Porsche reports that almost 40% of Porsche vehicles sold in Europe were all-electric or plug-in hybrid vehicles, or PHEVs. Porsche currently offers two PHEVs, which are seen by many as short-term transition technology before all-electric vehicles.

Porsche’s plans are unique among global automakers in that it does not plan to completely abandon vehicles with traditional internal combustion engines. Specifically, for its 911 sports car, which is considered one of the best “driver’s cars” in the world.

Porsche announced an investment of around $24 million in the development of “e-fuels”, which officials say are a climate-neutral fuel to replace gasoline in non-electric vehicles.

Learn more about electric vehicles from CNBC Pro

Blume described e-fuels as “an ideal complement” to electric vehicles.

The new electric vehicle plans were announced in connection with Porsche, which last month announced a preliminary agreement to transform itself from VW into a public company, announcing its 2021 financial results.

Porsche set new records for sales and operating profit. Sales in 2021 were €33.1 billion ($36.7 billion), up €4.4 billion ($4.9 billion) from 2020. Porsche’s operations last year rose 27% to 5.3 billion euros ($5.9 billion) from 2020.