During Porsche's annual general meeting, CEO Oliver Blume confirmed that the company is planning an all-electric SUV – codenamed K1 – positioned above the upcoming Cayenne Electric.

The executive added that the flagship model will be based on the platform SSP Sport developed by Porsche based on parent company Volkswagen Group's Scalable Systems Platform.

"We also plan to expand our product portfolio upwards – with a new all-electric SUV, with a performance-focused character, above the Cayenne ... This is a new car concept – with a characteristic Porsche flyline, impressive performance, automated driving functions and a new interior experience."

Oliver Blume, Porsche and Volkswagen Group CEO

Autocar has learned that Porsche plans to unveil the EV flagship in 2027 as a seven-seat raised coupe, with a profile that's part sedan, part crossover. According to sources cited by the British outlet, the vehicle will be unlike any previous Porsche production car, stretching more than 197 inches (5 meters) in length.

"We are thereby underlining and strengthening our sporty luxury positioning. We are observing growing profit pools in this segment, in particular in China and the US," Porsche CEO Oliver Blume said during the annual meeting. Speaking of China, deputy chairman Lutz Metschke said the K1 was "the perfect match for the Chinese market."

The Porsche K1 is expected to offer the latest in synchronous electric motor, high-performance battery and rapid-charging technology.

Gallery: Porsche 7-seater electric SUV, rendering of Motor1.com

It will reportedly include four-wheel steering offering up to 5 degrees of turning angle for the rear wheels to improve maneuverability at low speeds and agility at higher speeds. This feature will work in combination with an electronic differential enabling torque vectoring between each individual rear wheel.

The interior is said to offer a completely new experience focusing on space, thanks to the SSP Sport platform's low cabin floor enabled by the slim battery pack and sunken rear footwells similar to the Taycan.

Factor in its size and super luxury credentials, and the price will easily top $190,000, which is what Porsche's most expensive SUV – the Cayenne Coupe Turbo GT – costs at the moment.

Porsche's electric flagship SUV will be made at the company's plant in Leipzig, Germany, where the Macan EV is also scheduled to enter production in late 2023.

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