Porsche gets ready for more deals to add electric, digital technology

The decision comes in a time when its parent company Volkswagen AG which is steadily shifting towards electric vehicles.
By HT Auto Desk
| Updated on: 07 May 2021, 02:33 PM
A Porsche Taycan electric vehicle (EV). (Reuters)
A Porsche Taycan electric vehicle (EV). (Reuters)

Porsche AG is all set to buy stakes in more companies in order to broaden the electric-vehicle options and digital services this year. The German sports carmaker will continue to make investments in new technologies and will also make ‘a few announcements’ this year, said a statement by chief financial officer Lutz Meschke, as per a report by Bloomberg.

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This move is essential for its parent company Volkswagen AG which is steadily shifting towards electric vehicles.

(Also read: Porsche to work on high-performance EV batteries, its own fast-charging network)

Porsche already increased its stake in Croatian electric supercar maker Rimac and is currently in talks with battery specialists which also include Germany’s Custom Cells GmbH to explore options for high-performance cells customised for sports cars. It has also been reported that the sales of Porsche’s Taycan electric car almost matched deliveries of the brand’s popular 911 sports car in the first three months. The German sports carmaker also registered an operating profit which was more than doubled to 1.2 billion euros ($1.4 billion). Also, the revenue increased by 28% that is 7.7 billion euros for a 16.2% operating margin, making the company one of the industry’s most profitable manufacturers.

Meschke said that the operating result looks optimistic unless the semiconductor shortage causes deeper disruptions in the coming months. Kjell Gruner, the CEO and the new president of Porsche Cars North America Inc. recently said that the company is also focusing to integrate the digital experience in its vehicles for customers. It is also planning to establish electric vehicle battery cells factory in southern Germany

First Published Date: 07 May 2021, 02:33 PM IST
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