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Porsche to double green car spending

FRANKFURT — Porsche will double spending on electrification of vehicles to more than €6 billion ($7.4 billion) by 2022 from $3.7 billion, CEO Oliver Blume said.

The investment covers $3.7 billion for material assets and $3.7 billion in development costs.

About $612 million of the investment will be used to develop variants of the Mission E battery-powered sports car, Porsche said without giving details of the variants. The Mission E is coming out globally in 2019 but may not go on sale in the U.S. until early 2020.

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Date Posted: March 21, 2018