Porsche sets more ambitious EV target, says more than 80 percent of new cars will be fully electric by 2030

Porsche luxury sports car maker Volkswagen’s parent, which could float in the stock market by the end of this year, set a more ambitious target for the sale of electric vehicles on Friday.

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

This goal was previously applied to Porsche’s electric models, which also include plug-in hybrids.

Porsche has also maintained its long-term goal of having an operating margin of at least 15 percent, said Chief Financial Officer Lutz Meschke.

Volkswagen and its major shareholder Porsche SE have entered into a framework agreement for a potential partial listing of Porsche, which could cost the division up to € 90 billion (around € 756,289 million).

That list would add up to 25 percent of Porsche’s preferred shares, sell Porsche SE 25 percent of its auto parts plus a common share, and pay Volkswagen shareholders 49 percent of its IPO profit as a special dividend.

© Thomson Reuters 2022

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