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Porsche To Invest $7.4 Billion For EV Development

Porsche To Invest $7.4 Billion For EV Development

Snapshot: Porsche to invest huge $7.4 billion by 2022 for developing electric performance cars.

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Porsche is aiming to invest a huge $7.4 billion by 2022 for the development of electric powered performance cars and a large chunk of the total amount will be invested for the development of Porsche Mission E that will challenge the Tesla Model S. This move comes in line with the auto manufacturer’s previous statement about doubling the investment for plug-in hybrid and EVs.

Speaking about the Porsche Mission E, it was revealed back in 2015 as a concept car and it is going to be the first electric model from the German sportscar brand once it gets launched. It is capable of running 500 km on a single charge and it can accelerate to 100 kmph from standstill position in just 3.5 seconds. Porsche Mission E is expected to be launched in the global market in 2019. Interestingly, we can expect the German brand to roll out some of its electric sportscars in Indian market as well. However, the auto major is tight lipped about its plan for Indian market.

Porsche presently sells five different cars in India that are Porsche 718, Porsche Cayenne, Porsche 911, Panamera and Macan. In future, Porsche might introduce electric powertrain technology to these models as well and in that case, we could see the brand launching those green cars here.

Porsche is also aiming to invest in different smart mobility solutions. As part of that strategy, the automaker has already launched Porsche Passport Pilot mobility system. This service includes Porsche’s full lineup including the sportscars and SUVs.

Porsche is not the only luxury car brand that is focusing on electric powered cars. Several other luxury cars brands like Mercedes-Benz, BMW and Audi too are working on electric powered performance models. Tesla has already been able to catch attention of the world with their high performance electric cars with loads of advanced high end technologies.

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