In a recent interview, Porsche CEO Oliver Blume confirmed that the German automaker plans to launch a new sporty all-electric SUV that will be positioned above the Cayenne and Macan as the top-of-the-line model. The new SUV appears to have been accelerated somewhat as Porsche’s all-electric Macan SUV has faced delays due to software development issues at parent company Volkswagen Group.
Like many veteran automakers, Porsche has built its legacy on internal combustion vehicles such as the Cayenne, Boxster and 911 Turbo. Nevertheless, it has recently shifted the focus of its vehicle development to electric vehicles.
This EV transition began with the Taycan and should be followed by the all-electric Macan. following the early success of the Taycan, Porsche CEO Oliver accelerated the company’s EV goals – “By 2025, half of all new Porsche sales are expected to come from sales of electric vehicles (i.e., all-electric or plug-in hybrids) By 2030, the share of all new vehicles with the all-electric drive should exceed 80 percent.”
Earlier this month news emerged that EV software developer and VW Group subsidiary Cariad is facing development issues that threaten to delay production of Bentley’s 2030 electrification target. In addition, the software problems threaten to delay production plans for the upcoming electric Porsche Macan SUV and sibling Audi Q6 e-tron – both of which were originally scheduled for launch next year.
Now, with the Porsche IPO critical to the VW Group’s growth and potential EV production delays, the sports car maker is apparently developing its most expensive SUV – and it will be all-electric.
Porsche’s new electric SUV will use technology from the Mission R
Porsche CEO Oliver Blume has reportedly confirmed a bespoke electric SUV, codenamed “K1,” targeted for launch in the middle of the century, as Blume detailed at Porsche’s recent Capital Markets Day.
“We plan to add a new luxury all-electric SUV to our attractive portfolio, which will roll off the production line in Leipzig. This will further expand our position in the luxury car segment. We are particularly targeting higher margin segments and aim to tap into new sales opportunities in this way.”
In addition, Porsche said the new top-of-the-line electric SUV will be equipped with some of the technology from the Mission R concept car presented at the IAA in Munich last year – including its direct oil-cooled electric motor.
Other features of the Mission R include natural fiber-reinforced plastic (NFRP) – instead of traditional carbon fiber – a 920V electrical system, and a high-performance battery. Porsche did not confirm that these additional components will go into the new SUV, but did confirm that it may have a third row of seats, which would be a world first for Porsche.
Previously, Porsche had been working with Quantumscape to integrate solid-state batteries into the 911 – whether PHEV or BEV remains unclear at this point, even after Oliver Blume said the long-running sports coupe would never be electrified. Regardless, when Porsche’s electric SUV goes into production, solid-state batteries may be more feasible and will certainly match the fast charging rates that the 920V platform can offer.
Are all-electric Boxsters and/or Caymans on the horizon?
Despite the delay of the all-electric Macan, Blume is sticking to Porsche’s ten-year electrification goal and even shared intentions for another electric model.
“The Taycan is 100 percent electric and 100 percent Porsche. That combination is exciting. We are advancing our electrification offensive: by mid-decade, we want to offer our 718 mid-engine sports car entirely in all-electric form.”
For those not in the know, Porsche’s 718 model refers to the Boxster and Cayman two-seater, so in addition to the all-electric Macan and the new top-of-the-line SUV, consumers could also see a Boxster or Cayman BEV by around 2025. Since Porsche is hoping for a fourth-quarter launch, this should be good news for investors Good news.
In a recent report on VW surpassing Tesla in EV sales by 2024, we noted that a Porsche IPO is essential for the Volkswagen Group to maximize its valuation when it sells its minority stake, providing more cash flow to accelerate its own transition to electrification. Current IPO prospects suggest a valuation of Porsche in the range of €80 billion to €90 billion.
Looking ahead, Porsche has shared that the all-electric Macan has been delayed until 2024 due to development issues. That said, news of this bespoke electric SUV feels timely as Porsche looks to maintain a good image in the market ahead of its launch.
