German carmaker Porsche has announced that it will be doubling its investment into electric mobility, with its budget now set at £5.3billion.
The Volkswagen-owned manufacturer will be using that extra investment across the brand, including putting more money into the Mission E project, which will see the new all-electric sports car come with almost 600bhp and over 300 miles of range.
Oliver Bulme, chairman of the board at Porsche, said: “We are doubling our expenditure on electromobility from around three billion euros (£2.6bn) to more than six billion euros (£5.3bn).
“Alongside development of our models with combustion engines, we are setting an important course for the future with this decision.”
Half of that budget will be put into material assets, while the other half will be placed into research and development of electric vehicle technology.
The breakdown of the costs shows that €500m will go into the development of the Mission E line-up, €1bn will go into electrifying the rest of the Porsche line-up and €700m will go into developing infrastructure, technologies and smarter mobility options.
The brand’s current engine building site in Zuffenhausen, Germany, will be expanded to accommodate the production of electrified powertrains and the bodies that will surround them.
Porsche and Audi are the Volkswagen Group representatives in the Ionity project, which will see them alongside Ford Motors, BMW Group and Daimler working together to improve the electric fast-charging network across Europe – with some of Porsche’s new investment going towards this endeavour.
