Porsche AG sets more ambitious target for electric vehicles

Porsche Taycan is displayed during a car show in Oslo, Norway November 10, 2021. Picture taken November 10, 2021. REUTERS/Victoria Klesty/File Photo

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FRANKFURT, March 18 (Reuters) – Luxury sports carmaker Porsche AG, whose parent company Volkswagen (VOWG_p.DE) could go public later this year, set a higher sales target on Friday. ambitious for electric vehicles.

More than 80 percent of newly sold Porsche vehicles will be fully electric in 2030, Porsche AG CEO Oliver Blume said at the group’s annual press conference.

This target previously applied to all of Porsche’s electrified models, which also includes plug-in hybrids.

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Porsche AG also met its long-term target of an operating margin of at least 15%, said chief financial officer Lutz Meschke.

Volkswagen and its largest shareholder Porsche SE (PSHG_p.DE) have reached a framework agreement for a possible partial listing of Porsche AG, which could value the division at up to 90 billion euros.

Such a listing would include listing up to 25% of the preferred shares of Porsche AG, selling 25% plus 1 ordinary share of the automaker to Porsche SE and paying 49% of the IPO proceeds to shareholders of Volkswagen in the form of a special dividend. Read more

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Reporting by Christoph Steitz and Ilona Wissenbach; Editing by Kirsten Donovan

Our standards: The Thomson Reuters Trust Principles.

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