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Porsche Sets More Ambitious EV Target, Says Over 80 Percent of Newly Sold Cars Will Be Fully Electric by 2030

Porsche Sets More Ambitious EV Target, Says Over 80 Percent of Newly Sold Cars Will Be Fully Electric by 2030

Porsche is sticking to its long-term target of an operating margin of at least 15 percent.

By Reuters | Updated: 18 March 2022 17:16 IST

Porsche Sets More Ambitious EV Target, Says Over 80 Percent of Newly Sold Cars Will Be Fully Electric by 2030

Photo Credit: Facebook/ Porsche

Volkswagen and Porsche SE struck a framework agreement for a potential partial listing of Porsche

Highlights

Over 80 percent of newly sold Porsche vehicles will be electric in 2030
Porsche's electrified models will also includes plug-in hybrids
Porsche is the parent company of Volkswagen

Luxury sportscar maker Porsche, which parent Volkswagen could float in a partial stock market listing later this year, on Friday set out a more ambitious sales target for electric vehicles.

More than 80 percent of newly sold Porsche vehicles will be fully-electric in 2030, Porsche chief executive Oliver Blume said at the group's annual press conference.

That target previously applied to Porsche's electrified models overall, which also includes plug-in hybrids.

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Porsche also stuck to its long-term target of an operating margin of at least 15 percent, finance chief Lutz Meschke said.

Volkswagen and its top shareholder Porsche SE struck a framework agreement for a potential partial listing of Porsche, which could value the division at up to 90 billion euros (roughly Rs. 756.289 crore).

Such a listing would include listing up to 25 percent of Porsche's preferred stock, selling 25 percent plus 1 ordinary share in the carmaker to Porsche SE and paying out 49 percent of IPO proceeds to Volkswagen's shareholders as a special dividend.

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© Thomson Reuters 2022

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