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.

“Therefore it’s clear that we can no longer carry out major leaps on results.”

Still, Porsche, the second-biggest contributor to Volkswagen group profit, probably increased underlying earnings last year as sales of its sports cars and sport-utility vehicles exceeded 200,000 units for the first time, powered by the new Macan compact SUV.

“Porsche has delivered a great result,” Mr Blume said with regard to the car maker’s 2015 annual earnings, due to be published on March 11.

A year earlier, its profit rose 16% to €2.72bn, fuelled by a 20% gain in sales on demand from the US and China.

Separately, the CEO said Porsche was hoping to regain the services of suspended research and development chief Wolfgang Hatz, who sources said was placed on leave by VW’s supervisory board last year with other top engineers in the wake of the emissions test-rigging scandal.


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