Porsche has doubled its investment into e-mobility, revealing plans to invest more than 6 billion euros by 2022, with a focus on both plug-in hybrid and full electric vehicles.
It comes amid development of the Mission E sports car, which is set to go into production in 2019.
“We are doubling our expenditure on electromobility from around three billion euros to more than six billion euros,” said Oliver Blume, Chairman of the Executive Board of Porsche AG.
“Alongside development of our models with combustion engines, we are setting an important course for the future with this decision.”
The decision, made at the most recent meeting of Porsche AG’s Supervisory Board, will see the German manufacturer pour in 500 million euros into the Mission E’s development and 1 billion for electrification and hybridization of its existing product range.
“Several hundred” million euros, meanwhile, will be used for expansion of its sites and a 700-million investment is planned for charging infrastructure and smart mobility.
Porsche recently became a member of Ionity, a joint venture with Audi, the BMW Group, Daimler AG, and Ford Motor Company that will see the installation of 400 rapid-charging stations across major European traffic routes by 2020.
In the U.S., Porsche is working with all dealership to install a fast-charging infrastructure for customers, with six rapid chargers having recently been installed at the Porsche Experience Center in Atlanta.
As part of the overall investment, a dedicated assembly area for EVs will be built in Stuttgart, with its existing engine plant to be expanded to manufacture electric drivetrains.
Investment is also planned for the Weiasach Development Center.
Porsche’s Mission E project, meanwhile, has already created 1,200 new jobs.