Porsche adds all-electric flagship SUV to its growing lineup of electric vehicles

Porsche said on Monday it will add a full-size all-electric SUV to its lineup, ranking ahead of several other upcoming EVs, as part of its goal of 80% of all new sales being EVs by 2030.

Porsche didn’t share many details about the all-electric SUV, including its name, price, or specific production date. The SUV will be the fifth EV in Porsche’s portfolio when it hits the market sometime before the end of the decade. It will be based on the Volkswagen Group’s Scalable Systems Platform (SSP), a next-generation modular platform intended for use across all VW Group brands.

Porsche launched its first EV, the Taycan, in 2019. The all-electric Macan is expected to go on sale in 2024, followed by the Porsche 718 EV sometime around 2025 and then the Cayenne EV. Porsche has not revealed a market launch date for the Cayenne.

Porsche CEO Oliver Blume confirmed at a press conference after its annual conference that the SUV would be larger than the Cayenne, a size designed to appeal to consumers in North America and China. He also said it would arrive before the end of the decade, suggesting a 2027-2028 release date.

“It will offer a very luxurious experience for our customers,” Blume said, adding that it would still have the sporty feel and fly-line design found in the Porsche brand, even though it is based on the SSP Sport platform for electric vehicles. “So on the one hand it’s a very new approach for Porsche, but combined with traditional values, which has always been important to Porsche.”

This new EV SUV will also be designed with automated driving characteristics in mind, he said without providing further details.

The SUV EV is part of Porsche’s Road to 20 strategy, which aims to increase operating performance on sales to more than 20%. Porsche’s sales performance improved from 16% to 18% in 2022.

On Monday, the German automaker reported 2022 revenue of 37.6 billion euros ($40.22 billion), a year-on-year increase of 13.6%. Porsche’s operating profit also rose 27.4% to 6.8 billion euros ($7.3 billion) year-over-year. Those positive results were driven by an increase in sales. The company delivered 309,884 vehicles in 2022, 2.6% more than the previous year. However, sales of the Taycan fell, which the company says is related to supply chain constraints, not demand.

“With Road to 20, we are making Porsche even more resilient and our brand stronger than ever before,” said Lutz Meschke, vice president and executive board member for finance and IT, in a statement. “And we’re going to take a fresh look at everything from our product range and pricing to our cost structure. We want to increase the quality of our contribution margins and make our products even more attractive.”

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James D. Brown
James D. Brown
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