Porsche will spend at least EUR6bn on electromobility, focusing on both plug-in hybrids and pure electric vehicles, the automaker said.
The supervisory board approved the spend at its last meeting.
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"We are doubling our expenditure on electromobility from around EUR3bn to more than EUR6bn," said chairman Oliver Blume.
"Alongside development of our models with combustion engines, we are setting an important course for the future with this decision."
The automaker will spend half on "material assets" and the rest on development.
Around EUR500 will go to development of Mission E variants and derivatives, EUR1bn for electrification and 'hybridisation' of the existing product range, several hundred million euros to expand sites, and EUR700m will be used for new technology, charging infrastructure and smart mobility.
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By GlobalDataA new paint shop, dedicated assembly area and a conveyor bridge for transporting the painted bodies and drive units to the final assembly area is being constructed in Zuffenhausen. The existing engine plant is being expanded to manufacture electric drives and the body shop will also be developed.
Work is also planned at the Weissach development centre.
The Mission E project has created approximately 1200 new jobs, Porsche said.
This pure electric sports car will develop 600hp and sprint from 0 to 100km/h in less than 3.5 seconds. Porsche claims it will also be able to accelerate and brake repeatedly without any loss of performance and it will have a 500km (300 miles) range under NEDC testing. Charging will take 15 minutes for 400km of range using 800V.
