Porsche increases sales target for its electric vehicle

Porsche has seen its electric vehicle perform excellently and has increased its revenue target for the long-term

German car manufacturer Porsche announced earlier today that it has increased its sales target for its electric vehicle over the coming years. 

The company’s all-electric Porsche Taycan sedan currently outsells its iconic 911 sports car, resulting in the company increasing its focus on electric vehicles.

According to Porsche CEO Oliver Blume, the company now expects over 80% of its revenue to come from EV sales by 2030. He said;

“The future of Porsche is electric.”

Porsche added that it would roll out a hybrid version of the 911. The increase in focus on electric vehicles is a shift away from the company’s previous prediction that its revenue would come from the sale of mixed all-electric and plug-in hybrid electric vehicles.

The Taycan is the German company’s first all-electric vehicle and generated 14% of Porsche’s revenue from car sales last year. In 2021, Porsche sold 41,296 Taycan units, topping record sales of the 911 at 38,464 units.

Porsche has doubled down on its EV effort and is set to roll out two more electric vehicles soon. The Macan SUV will launch next year while the 718 sports car is scheduled for 2025. However, the company is yet to disclose the exact timeframe for their release.

The company reported that roughly 40% of all vehicles sold in Europe in 2021 were electric cars or plug-in hybrids vehicles. Porsche currently offers two or plug-in hybrids vehicles, which many consider to be a bridge before the company transitions to all-electric vehicles. 

Electric vehicles are becoming popular in various parts of the world. The need to use products with a lower carbon footprint is a key reason why consumers are altering their purchasing behaviours.