Porsche eyes spend on all-electric and other cars

Porsche is bracing for smaller profit gains in future as Volkswagen’s sports-car division steps up spending on models and facilities, chief executive Oliver Blume said.

The maker of the iconic sports car will invest about €1bn as it creates over 1,000 new jobs at its base in Zuffenhausen to make Porsche’s first all-electric car.

Stuttgart-based Porsche now has “many new products in the pipeline”, Mr Blume said.