Porsche raises its electric vehicle targets and confirms the 911 hybrid sports car

Porsche is raising its EV sales targets as the all-electric Taycan sedan outsells the German automaker's classic 911 sports vehicle. It also intends to release a 911 hybrid model.

When Porsche unveiled the Mission R — a 1,037-horsepower electric race vehicle design — at the IAA Mobility auto expo in Munich earlier this year, it was doing more than just showing off some great EV technology. The idea for Porsche was to show that electric vehicles might be exciting to drive, and while it's only a concept right now, Porsche promises a production model will be available by 2026.

This coincides remarkably well with a rumor from Car magazine, which states that the next Porsche 911 (coming in 2026 and dubbed the 994 generation) will use a hybrid engine. In the top-of-the-line vehicles, electric motors will add around 270 horsepower to the internal combustion for a cumulative total of 800 horsepower.

Porsche said on Friday that by 2030, all-electric vehicles will account for 80percent of its global sales. Previously, that amount of sales was expected to be split between all-electric and plug-in hybrid vehicles, which combine internal combustion with battery technologies.

“The future of Porsche is electric,” Porsche CEO Oliver Blume told media during a roundtable.

Porsche Taycan is the company's first and only all-electric vehicle. It accounted for almost 14percent of the company's total sales of 301,915 vehicles in 2021. Sales of the Taycan surpassed the Porsche 911's previous high of 38,464 vehicles.

The next two EVs from Porsche are scheduled to be the Macan SUV in 2023 and the 718 sports car in 2025. Blume also stated that a hybrid version of Porsche's 911 sports car is on the way, but he did not provide a release date.

About 40percent of Porsche automobiles marketed and sold in Europe were all-electric or plug-in hybrids, or PHEVs, according to Porsche. Porsche presently offers two plug-in hybrid electric vehicles (PHEVs).

Porsche's ambitions are unique among global automakers in that it does not want to abandon vehicles powered by conventional internal combustion engines entirely. Particularly, for its 911 sports automobile, which is regarded as one of the world's top "driver's cars."

Porsche also announced plans to invest $24 million in the development of "e-fuels," a climate-neutral fuel that may be used to replace petroleum in non-electric vehicles, according to officials.

E-fuels, according to Blume, are "an ideal complement" to electric vehicles. The new EV ambitions were disclosed in conjunction with Porsche, which announced last month that it had reached a preliminary deal to be spun out from VW and become a public business, along with its financial results for 2021.

Combined sales revenue and operating profit for Porsche set new highs. Sales increased 4.4 billion euros ($4.9 billion) from 2020 to 33.1 billion euros ($36.7 billion) in 2021. In comparison to 2020, Porsche's operating profit climbed by 27% to 5.3 billion euros ($5.9 billion).

Porsche has a great brand and the company is planning to go public very soon, the deal will happen with Volkswagon.