Porsche confirms plans for flagship EV crossover

BERLIN -- Porsche CEO Oliver Blume confirmed the automaker's plans to launch a range-topping full-electric crossover positioned above the Cayenne and Macan.

The EV will be "a very sporty interpretation of an SUV," Blume said on Monday as the automaker held a capital markets day for analysts ahead of its upcoming initial public offering.

Porsche aims to copy the success of its Taycan electric sedan which was an unexpected success for the automaker. The Taycan now outsells the 911 sports car.

"We are targeting the higher margin segments in particular and aim to tap into new sales opportunities," Blume said in a statement.

The crossover, codenamed K1, will be built in Leipzig starting from the middle of the decade.

The model will also incorporate technology from the Mission R presented last year at the IAA in Munich, Porsche said.

In addition to a new high-performance battery, the Mission R also had a 920-volt electrical system designed to reduce charging times.

The K1 will also include the direct oil-cooled electric motor found in the Mission R.

The Taycan's success has already shown that customers are willing to spend more money on electric cars, Blume said.

In November, dealer sources told Automotive News about Porsche's plans for the crossover, saying the vehicle is slated to arrive in the second half of the decade and could offer three rows of seating — a first for a Porsche. At the time the automaker declined to comment on the model.

Porsche aims for 80 percent of its global vehicle sales to be full electric by 2030.

"We are pushing ahead with our electric offensive: by the middle of the decade, we want to offer our 718 mid-engine sports car exclusively in all-electric form," Blume said on Monday.

Blume confirmed that the electric Macan will apparently be delayed longer than previously stated.

The Macan and its sister model, the Audi Q6 e-tron, were scheduled to launch next year but have been delayed because new advanced software for the vehicles being developed by parent Volkswagen Group is behind schedule, sources have said.

Blume said the electric Macan's market launch will now be in 2024.

With its capital markets day on Monday, Porsche aimed to win over investors ahead of its initial public offering.

Porsche is targeting revenue of as much as $40 billion this year and return on sales of as much as 18 percent, up two points from last year, according to Chief Financial Officer Lutz Meschke. Returns are to climb above 20 percent in the long term.

VW Group plans to sell a minority stake in the sports-car maker in the fourth quarter to help finance its push into electric cars and unlock value.

The IPO could value Porsche at as much as $81.4 billion to $92 billion, according to people familiar with the matter.

VW Group has pitched the listing as a way for Porsche to gain greater autonomy in areas like software and partnerships while it can continue to benefit from a symbiotic relationship with the parent.

Bloomberg contributed to this report.