Porsche claims EVs could become more profitable than ICEs

The German sports car maker also expects 8 in 10 Porsches sold by the end of the decade to be electric.

Porsche claims that its EVs could become more profitable than its IC-engine-powered offerings very soon.

According to the company's Chief Financial Officer, Lutz Meschke, Porsche expected its EV profits to reach parity with its ICE vehicles in about 2-years' time. Post reaching parity, the profits from EVs are expected to further expand as the number of customers willing to pay for more technologies also increases.

Porsche CEO Oliver Blume also stated that the company's target is to selectively expand higher-margin segments and leverage the pricing opportunities of its electric vehicles. In the long run, Porsche aims to grow its return on sale to more than 20 per cent, up from 16% last year.

The German sports car maker also expects 8 in 10 Porsches sold by the end of the decade to be electric. It also claims that EVs will account for half of the luxury automotive market by 2031.

Porsche currently sells the Taycan EV in the global market. The company is also working on a number of new EV offerings for the near future, including the Macan EV scheduled to go on sale in 2024. The carmaker also recently announced that they are working on an all-electric flagship EV positioned above the Cayenne.

Source: Automotive News