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Porsche CEO confirms order for three-row all-electric SUV

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In a recent interview, Porsche CEO Oliver Blume confirmed that the German automaker plans to release a new sporty all-electric SUV that will position itself as a top-level model over the Cayenne and Macan. The new SUV appears to have been somewhat accelerated as Porsche faces delays in launching its all-electric Macan SUV due to software development issues at parent company Volkswagen Group.

If you’ve lived in a bunker all your life, Porsche AG is a German sports car manufacturer with nearly a century of fast, stylish driving. Like many veteran automakers, Porsche has built its legacy on combustion-engine cars like the Cayenne, Boxster and 911 Turbo. However, the company has recently focused its development on electric vehicles.

This transition to electric vehicles began with the enduringly popular Taycan, which is expected to be followed by the all-electric Macan (more on that later). After this early success of the Taycan, Porsche CEO Oliver
Bloom accelerated the company’s EV goals of electrifying 80% of vehicles by 2030:

In 2025, half of all new Porsche sales are expected to come from electric vehicles, that is, all-electric or plug-in hybrids. In 2030, the share of all new cars with all-electric drive should be more than 80 percent.

Earlier this month, news broke that electric vehicle software developer Cariad, a subsidiary of the Volkswagen Group, was facing development problems that threaten production delays in meeting Bentley’s electrification goals by 2030. In addition, software issues could delay production schedules for the upcoming Porsche Macan electric SUV and sister model, the Audi Q6 e-tron, which are scheduled to launch next year.

Now, with a Porsche IPO vital to the growth of the Volkswagen Group and potential delays in electric vehicle production, the sports car maker is apparently developing its most expensive SUV… and it will be all-electric.

Porsche Mission R concept / Source: Porsche

Porsche’s new electric SUV will feature Mission R technology

According to European Automotive News, Porsche CEO Oliver Blume has confirmed that a bespoke electric SUV model codenamed “K1” will be released by mid-decade. Blume elaborated during a recent Porsche Capital Markets Day:

We plan to add to our attractive portfolio a new luxury all-electric SUV model that will roll off the assembly line in Leipzig. This will further expand our position in the luxury car segment. We focus in particular on segments with higher margins and thus seek to exploit new sales opportunities.

In addition, Porsche said the new top-level electric SUV will feature some of the technology from the Mission R concept unveiled by the IAA in Munich last year, including a direct oil-cooled electric motor.

Other Mission R features include Natural Fiber Reinforced Plastic (NFRP) rather than traditional carbon fiber, a 920V electrical system, and a high-performance battery. Porsche has not confirmed that any of these additional components will make it into the new SUV, but has confirmed, however, that it could feature a third row of seats, a world first for Porsche.

Previously, Porsche has worked with Quantumscape to integrate solid-state batteries into the 911 – it’s not yet clear if it will be a PHEV or a BEV, even after Oliver Blume said the long-running sports coupe will never be electrified. In any case, solid-state batteries may become more practical by the time Porsche’s electric SUV enters production, and they will certainly pair well with the fast charging speeds that the 920V platform can provide.

Are fully electric Boxster and/or Cayman expected?

Despite delays in launching the all-electric Macan, Blume stuck to Porsche’s electrification goals for the decade and even shared intentions for a spin-off EV model:

The Taycan is 100% electric and 100% Porsche. This combination excites people. We are driving our electric offensive: by mid-decade, we want to offer our mid-engined 718 sports car exclusively in an all-electric version.

For those who don’t know, the Porsche 718 models refer to the two-seat Boxster and Cayman, so in addition to the all-electric Macan and the new high-end SUV, consumers may also see a Boxster or Cayman BEV by 2025 or so. This should be welcomed by investors as Porsche plans to go public in the fourth quarter.

In a recent report on Volkswagen Group’s goals to outpace Tesla in EV sales by 2024, we noted that Porsche’s IPO will be critical for the VW Group to maximize its valuation as it sells its minority stake, offering more cash flow to accelerate its own transition to electrification. . . According to current IPO forecasts, Porsche is worth between 80 and 90 billion euros ($81.4–92.2 billion).

Fast forward to now, Porsche has already revealed that the all-electric Macan has been pushed back a year to 2024 due to the aforementioned Cariad development issues. However, this bespoke electric SUV news seems timely as Porsche looks to stay in the market’s good graces ahead of its IPO.

If Porsche can do that, we EV fans will win. We really hope that more and more electric vehicles will join the Taycan… hopefully sooner rather than later.

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