Porsche CEO Oliver Blume has said over 80% of the vehicles sold by the automaker by the end of this decade will be electric. This will include the hybrid as well as the fully electric variants, Bloomberg has reported, citing German outlet Bild am Sonntag.
What Happened: According to the report, Porsche will invest $18.1 billion in the electrification of its vehicles over the next five years. However, the company, owned by Volkswagen AG (OTC:VWAGY), will continue to offer its 911 model with internal combustion engines, albeit able to handle synthetic fuels.
Why It Matters: The global electric vehicle market is already amped up and is on the rise with many players. According to the Global EV Outlook 2020, the global electric vehicle stock (excluding two/three-wheelers) will reach nearly 140 million vehicles by 2030 and will account for 7% of the global vehicle fleet.
Over the last year automakers like Audi, Jaguar and Porsche, have added new models in their electric vehicle segments to challenge Tesla Inc's (NASDAQ:TSLA) electric dominance, New York Times has reported.