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.
The sports car is expected to be sold with a range of performance variants. Porsche development chief Michael Steiner said in November that the production Mission E might be offered with different electric ranges so customers looking for a sportier feel could avoid a dramatically heavy drive, and instead stop more often to recharge.
Porsche also will invest $1.2 billion to electrify and hybridize its existing products.