Porsche will turn the 718 Boxster into an exclusively electric model from 2025 as the sports-car maker\u2019s returns on the successful Taycan improve.<\/p>\n
The Volkswagen AG luxury unit will also offer a hybrid version of the iconic 911, it said Friday. The manufacturer, whose parent is preparing an initial public offering of the brand, expects electric models to be just as profitable as combustion engine vehicles in about two to three years, according to chief financial officer Lutz Meschke.<\/p>\n
\u201cWe already achieved double-digit profitability now for the Taycan and we are working hard to reach the same profitability as we already have for our combustion engine cars,\u201d Meschke said during a call with reporters. \u201cI am convinced that we will achieve this in a period of two to three years.\u201d<\/p>\n
Porsche plans for half of its sales to be battery-only or hybrid models by 2025, including a fully-electric version of the Macan SUV, before moving to 80% of sales that are exclusively powered by a battery by 2030.<\/p>\n
Keeping up profit margins at Porsche, next to Audi and Lamborghini VW\u2019s most profitable brand, is key for the group to help finance the industry\u2019s biggest shift to electric cars.<\/p>\n
As the industry pursues broad EV rollouts, significant component shortages and supply chain pressures are weighing on their plans. The lack of semiconductors, which has roiled production plans globally, remains a significant hurdle for the foreseeable future.<\/p>\n
The crisis on chip supply \u201cwon\u2019t vanish\u201d during the second half of the year, Meschke said.<\/p>\n
Volkswagen and its controlling shareholder, the billionaire Porsche-Piech family, are pushing ahead with a listing of Porsche even as global markets face major turmoil because of the war in Ukraine.<\/p>\n
The plan, the biggest structural change for Europe\u2019s biggest carmaker in years, is set to go ahead during the fourth quarter this year in a bid to improve spending power on new technologies.<\/p>\n
An IPO \u201ccould sharpen Porsche\u2019s profile and boost its entrepreneurial options,\u201d Meschke said in a statement. \u201cAt the same time, Volkswagen and Porsche will be able to benefit from joint synergies.\u201d<\/p>\n
The potential listing is estimated to value the sportscar brand at as much as 85 billion euros ($96 billion), according to Bloomberg Intelligence. That compares with total market valuation of 96 billion euros of the entire Volkswagen group. The move would partly reverse a tumultuous takeover of Porsche more than a decade ago.<\/p>\n
\u201cThe capital market values homogeneous, focused business units,\u201d Meschke said. \u201cIn alliances with tech players, for example, it helps to be set up quickly and flexibly.\u201d<\/p>\n
Volkswagen is set to provide further details about its plan in late summer.<\/p>\n
\u201cI hope that by then the war in Ukraine will be over,\u201d he said. \u201cBecause peace is much more important than any IPO.\u201d<\/p>\n