Porsche announces plans for a battery-electric version of the best-selling Cayenne.
The announcement, made during an annual news conference confirming a record 309,884 sales and operating profit of €6.77 billion ($7.23 billion) for the German automaker in 2022, marks the first time Porsche has officially recognized plans to provide an all-electric drivetrain option alongside the internal-combustion-engine and plug-in-hybrid Cayenne models available today.
In an update on its electrification strategy, Porsche reveals the upcoming electric Macan and electric 718 “will be followed by the electric Cayenne,” adding, “The fourth generation of the SUV will underline Porsche’s goal of delivering more than 80% of its new vehicles as electric models in 2030.”
No timing for the introduction of Porsche’s fourth electric model has been made, though Wards sources at the company’s Zuffhenhausen headquarters in Stuttgart, Germany, suggest it is being earmarked for launch in 2026, with North American sales likely to begin in 2027.
As with the electric Macan, which Porsche says “will be available to customers in 2024,” the Cayenne BEV is planned to be sold alongside facelifted ICE and PHEV Cayenne models.
In confirming the changes to be made to today’s third-generation Cayenne, Porsche says the upcoming facelift is “one of the most comprehensive upgrades in the history of Porsche.”
Developments for the ’23 model include updates to the plug-in hybrid drivetrains to provide greater ranges.
“Thanks to a new chassis, there will also be an even wider breadth of abilities, balancing the on-road performance, long-distance comfort and off-road capability,” says Porsche.
In a further update to its EV plans, Porsche says the fourth-generation 718 (Boxster/Cayman), planned for launch “in the middle of the decade” initially will be offered with an electric drivetrain only.
Porsche also provides added details of its new flagship electric model, the K1 as it is codenamed and known internally, confirming it will be “positioned above the Cayenne.”
Conceived as a rival to the likes of the BMW iX, Porsche says the K1 is based on the SSP Sport platform it is developing, adding it is “designed to offer strong performance and automated driving functions with the typical Porsche flyline, along with a completely new experience inside the vehicle.”
The reference to the “typical Porsche flyline” suggests the K1 will receive a coupe-like profile and roofline similar in style to that of the automaker’s 911 sports car (pictured, above).
Discussing the new range-topping electric model, tentatively due for introduction in 2028, Porsche CEO Oliver Blume says: “We are underlining and strengthening our sporty luxury positioning. We are observing growing profit pools in this segment, in particular in China and the U.S.”
Porsche also announces new sustainability targets. Included is a net carbon-neutral value chain for its models from 2030 as well as a net carbon-neutral use phase for future electric models based on an assumed lifetime mileage of 124,000 miles (200,000 km) per vehicle.
In reiterating its plans to push ahead with e-fuel development, Blume says the establishment of a pilot plant in China has “demonstrated that e-fuels can be produced on an industrial scale.”
Reflecting on Porsche’s respective 2.6% and 27.4% increases in sales and operating profit for 2022, Blume says: “In difficult conditions, we achieved the strongest result in the history of Porsche, by some distance.”
Porsche’s overall sales increased by 7,969 units in 2022 over 2021 to 309,884, while operating profit increased €1.46 billion ($1.56 billion).
The results were achieved on record sales revenues of €37.63 billion ($40.17 billion), representing a return on sales of 18%. This is up from €33.14 billion ($35.63 billion) and 16% 2021.
As part of its Road-to-20 strategy, Porsche has laid out plans to achieve a return on sales of up to 20% later this decade.