Porsche Believes Soon Its EVs Will Be More Profitable Than Its ICE Vehicles

Currently, the manufacturer aims for its EV profits to reach parity with combustion vehicles by 2024.

Porsche Taycan lineup

Ben O'Hare

By: Ben O'Hare

Jul 23, 2022 at 10:04am ET

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Ahead of Porsche's landmark potential listing later this year, the firm is letting investors know its EVs will be very profitable in the long run. The Stuttgart manufacturer believes consumers are open to paying more for battery tech and plans to leverage their willingness to its advantage.

Currently, Porsche believes its EV profits will reach parity with those of its ICE vehicles in two years. Once this point is reached, Porsche will continue to raise the price of its EVs. Porsche CEO Oliver Blume recently stated the following:

“Our target is to selectively expand higher-margin segments and to leverage electric-vehicle pricing opportunities.”

Porsche's electric journey has so far been largely positive. Its first EV, the Taycan, has been a resounding success. The addition of a new Taycan variant, the Cross Turismo, ensured it outsold the iconic 911 in 2021. The release of the sleek Taycan Sport Turismo should lead to even more sales success this year.

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Soon Porsche will launch a fully electric version of its popular Macan crossover. That will be followed by an electric Cayman / Boxster (previewed by the Mission R Concept). A full-sized electric SUV is also in the works and will be made at Porsche's Leipzig plant. However, information on it is currently limited - whether or not it will be branded as a Cayenne or something completely new is unknown.

In the long run, Porsche wants to push its overall return on sales from 16 to 20 percent. The firm predicts eight in ten vehicles it sells will be all-electric by 2031. Porsche also reckons EVs will account for half the luxury market by that same date.