Car makers are making a push to gobble up as much of the mid-size, electric SUV market as they can. Tesla has introduced their Model Y and Hyundai the Kona EV, but Porsche won’t silently walk away from this fight. They intend to introduce an electric, crossover SUV of their own in 2020.
The company said today that it will begin building its second battery-powered vehicle, a Cross Turismo version of its forthcoming electric Taycan sports car, next year.
Porsche is investing $6.8 billion in a race to electrify half of its models by 2025. By 2030, “large parts of the world will be driven by a high demand in electric vehicles,” CEO Oliver Blume said today at the company’s annual meeting at its headquarters in Stuttgart, Germany.
Porsche is also investing more than $600 million to expand its factory in Leipzig, where it will build the electric Macan. The company has also said it is considering hybridizing its next-generation 911 sports car.
Volkswagen Group, Porsche’s parent company and the world’s largest automaker by volume, is also investing heavily in electromobility, aiming to increase its electric lineup to nearly 70 models by 2028. The Group said on Tuesday that it plans to build 22 million electric cars over the next decade, well over the 15 million vehicles announced originally.
Electric vehicles currently comprise less than 1% of the new car market, according to IHS Markit. That figure is expected to jump to 6% by 2025, with several luxury automakers vying for share.