Porsche Announces Plans To Launch New High-End Electric SUV

Porsche CEO says the electric SUV will be built at the Leipzig plant and suggests it will be positioned above the Cayenne.

By: Dan Mihalascu

Jul 18, 2022 at 1:19pm ET

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Porsche has announced plans to launch a high-end electric SUV at the Capital Markets Day event that took place earlier today at the company's Research and Development Center in Weissach, Germany.

CEO Oliver Blume said the Porsche lineup would be expanded with an all-electric luxury SUV that he suggested will be positioned above the Cayenne.

"We plan to add a new luxury, all-electric SUV model to our attractive portfolio, which will roll off the production line in Leipzig. This will further expand our position in the luxury automotive segment. We are targeting the higher margin segments in particular and aim to tap into new sales opportunities in this way."

No other details were offered about the future high-end electric SUV, which will be assembled in the same plant as the upcoming Macan EV.

Porsche's decision to target a highly lucrative segment is not surprising and should not upset purists as long as the company continues to build its famous sports cars. The company cites expert studies that claim the luxury car market will experience robust growth in the coming years, with battery electric vehicles (BEVs) and sport utility vehicles (SUVs) in particular being the main growth drivers.

By developing an all-electric high-end SUV, Porsche appears to be hitting the nail on the head, tapping into a new market segment that could unlock significant growth in the future.

"We are very well positioned to benefit from these trends. Porsche is a leading player in the market for sporty SUVs and in the all-electric luxury car segment."

Porsche AG CFO Lutz Meschke

Speaking of the future, Porsche anticipates that its customer base will include younger and more heterogeneous customers from the next generation, with the proportion of women in this customer group likely to increase.

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The company added that it is focusing primarily on the USA and emerging markets for its geographical expansion, in addition to Europe and the Asia-Pacific region. At the moment, Europe, North America and China contribute roughly equally to Porsche's total deliveries.

Porsche's electric luxury SUV announcement is part of the company's pitch to win over investors ahead of its initial public offering (IPO) in the fourth quarter of 2022.