Watch out Urus, Porsche to add new all-electric luxury SUV in its portfolio

Porsche has announced that it will add a new all-electric, luxury SUV model to its product portfolio. With an aim to build more high-quality and exclusive products, Porsche's Chairman of the Executive Board of Porsche AG Oliver Blume stated the brand is targeting structural growth as the time is right. “We plan to add a new luxury, all-electric SUV model to our attractive portfolio, which will roll off the production line in Leipzig. This will further expand our position in the luxury automotive segment," added Blume.

With this product, Porsche is targeting higher-margin segments in particular and aiming to tap into new sales opportunities. Blume also said that Porsche will also bring its 718 mid-engine sports car exclusively in all-electric form. Porsche shared that as per expert studies, the luxury car market is expected to experience robust growth in the coming years, with battery electric vehicles (BEVs) and sport utility vehicles (SUVs) in particular being the main growth drivers.

The luxury sports car manufacturer is setting aims to achieve revenues in the range of approximately 38 to 39 billion euros and a return on sales of approximately 17 to 18 per cent. However, Porsche is also taking into consideration economic conditions as well as supply chain disruptions. Deputy Chairman and Member of the Executive Board responsible for Finance and IT Lutz Meschke said, “Beyond our mid-term targets, we are aiming for further upside potential, especially when it comes to our profitability levels. Porsche can look to the future with optimism from an impressive luxury position."

Currently, Porsche is gearing up to bring an all-electric version of its Macan model. The brand shared that it is continuously working towards a net carbon neutral value chain in 2030, including a net carbon neutral use phase for future BEV models.