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Porsche doubles green car investment to $7.4B

Porsche will offer different performance versions of the Mission E.

FRANKFURT - Porsche will double spending on greener vehicles as competition in the electrified-vehicle space grows.

Expenditure on electromobility will be increased to more than 6 billion euros ($7.4 billion) by 2022 from 3 billion, CEO Oliver Blume said in a statement.

The investment covers 3 billion euros spending on material assets, and 3 billion in development costs, Porsche said.

About 500 million euros of the investment will be used to develop variants of the Mission E battery-powered sports car, which debuts next year, Porsche said without giving details of the variants.

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Date Posted: February 9, 2018