Porsche 718 range to go electric

PORSCHE CEO Oliver Blume has confirmed that the company’s first two-seat electric vehicle will be a 718 Cayman or Boxster model at its annual press conference in
Zuffenhausen this week, while also confirming that a petrol-electric hybrid 911 is in the pipeline.

“By the middle of the decade, we want to offer our mid-engine 718 sports car exclusively in an all-electric form,” said Mr Blume.

“It will have the typical dimensions of a roadster. Always our EVs will be 100 per cent Porsche, rather than being just oriented to EV competitors. When we made the Taycan our benchmark was the 911.”

Porsche first hinted at an electric 718 Cayman or Boxster when it unveiled its Mission R concept model at last year’s Munich motor show. That model was a compact sportscar not unlike the 718 but featuring a 900-volt battery and dual-motor driveline, meaning the Cayman and Boxster EV could be offered with both rear- and all-wheel drive.

The 718 will continue to be produced alongside the 911 at Porsche’s Stuttgart facility, and will be the third EV model, following the Taycan and upcoming Macan Turbo, in the brand’s portfolio.

Mr Blume also said that specific 911 variants are set to become what he calls “sporty hybrids”, leaving plug-in hybrid duties to the brand’s SUV range.

Speaking at the same event, Mr Blume said the model will draw inspiration from the 919 Hybrid LeMans racer, adding that Porsche customers should expect “surprises” from the brand in the future.

Mr Blume also reset Porsche’s electrification timeline saying that by 2025, half of all new Porsche sold will feature some form of electrification, with up to 80 per cent of all models sold to be fully electric by the end of the decade.

To his point, the company delivered 41,296 Taycan models globally in 2021, exceeding sales of its legendary 911, which reached a record of 38,464 global unit sales last year.

Sales of the 911 made up almost 13 per cent of Porsche’s total volume last year, suggesting that this and select niche models will make up the 20 per cent of non-EVs in the brand’s line-up by 2030.

In total, Porsche delivered 301,915 vehicles to its customers in 2021, an 11 per cent jump over 2020, and the first time in the company’s history that it surpassed the 300,000 mark.

“We see that 2021 has made clear that we are weather-proof, even in stormy times. We have achieved strong results. This has put us in a first-class position for the future,” said Mr Blume.

The news comes after parent Volkswagen Group said last month that it is preparing an initial public offering of its famed sporting brand – and its most profitable asset – to help fund production of additional electric models, Automotive News Europe says.

Both Mr Blume and Porsche CFO Lutz Meschke have refused to comment on the possible listing which could value the company as high as $US99.7 billion ($A134.7b) according to Bloomberg Intelligence.

Such a move would include listing up to 25 per cent of Porsche AG's preferred stock, selling 25 per cent plus one ordinary share in the automaker to Porsche Automobil Holding SE and paying out 49 per cent of IPO proceeds to Volkswagen’s shareholders as a special dividend.

The IPO could happen as early as the second half of this year.

Porsche stuck to its long-term target of an operating profit of at least 15 per cent. The brand’s margin last year was 16.0 per cent, up from 14.6 per cent in 2020.