Porsche has predicted that combustion engine models will account for less than a fifth of its sales by the end of the decade, as it accelerates its shift to electric after unexpected success with its first battery-powered car.
“In 2030, the share of all new vehicles with an all-electric drive should be more than 80 per cent,” said Oliver Blume, chief executive, who added that the transition was “running faster [than Porsche] planned years ago”.
The Stuttgart-based company, which is owned by Volkswagen and is the most profitable of its parent group’s 12 brands, is preparing for a partial flotation by the last quarter of the year. VW plans to list 25 per cent of the business, which could raise roughly €20bn, although only 12.5 per cent will be available for purchase by external investors.
The brand’s first purpose-built electric car, the Taycan, has been far more successful than executives or analysts predicted. It was launched in 2020 and outsold the 911 model in 2021, a year in which the company as a whole posted record revenues, deliveries and operating profits.
Porsche, which is set to unveil an electric Macan SUV next year, announced that it would now add an electrified version of its 718 sports car to its line-up by the middle of the decade.
It has previously said that half of its sales would be pure electric or hybrid vehicles by 2025, but on Friday added that this transition would accelerate in the following years, with pure electric models accounting for four out of five cars sold in 2030 and beyond.
The remaining combustion engine line-up is likely to be dominated by the 911, immortalised by Steve McQueen in the film Le Mans.
Blume promised in 2020 that “Porsche will always offer combustion engines, particularly in the 911”, while Lutz Meschke, chief financial officer, referred to the model as the “soul of our brand”.
Porsche confirmed that all other models would eventually be electrified, with the exception of the 911, for which a part-hybrid version is being developed.
Sales of the 911 accounted for roughly 13 per cent of total Porsche deliveries last year.
Audi, another of Volkswagen’s luxury brands, has pledged to stop making new petrol models from 2026, while Italian brand Maserati said on Thursday that it would offer electric models only from 2030. BMW, however, is sticking to its position of not naming a date for the phaseout of combustion engine models.
Like other VW brands, Porsche has been struggling to secure parts from suppliers in Ukraine, leading to delays in production. Taycan manufacturing in Stuttgart has been paused this week, while the Leipzig plant, which produces the Macan and Panamera, is operating at reduced capacity.
Source: Financial Times