Industry/Official

Oliver Blume: all-electric Porsche 718 in the works

Porsche-Annual-Press-Conference-2022
L-R: Oliver Blume, Lutz Meschke

During the annual press conference held a couple of days ago, Porsche Chairman Oliver Blume and Deputy Chairman Lutz Meschke shared some interesting information on the brand’s financials and what to expect in the future when it comes to products. The executives were happy to share that the company is doing great financially:

Sales in 2021 were €33.1 billion, which is €4.4 billion more compared with the previous year, registering a growth of 15%. Operating profit was €5.3 billion, exceeding the previous year’s figure by €1.1 billion, a growth of 27%. Porsche thus generated an operating return on sales of 16% (previous year: 14.6%). Also, net cash flow grew by €1.5 billion to €3.7 billion in 2021.

Oliver-Blume-and-Lutz-Meschke-with-Porsche-911-Targa-4-GTSL-R: Oliver Blume, Chairman of the Executive Board, Lutz Meschke, Deputy Chairman of the Executive Board, Porsche AG

“Strategically, operationally and financially, Porsche is in an excellent position. We are therefore looking to the future with confidence—and welcome the consideration of an IPO of Porsche AG. This would allow Porsche to raise its profile and increase its entrepreneurial freedom. At the same time, Volkswagen and Porsche could continue to benefit from joint synergies in the future,” said Meschke who is also responsible for Finance and IT of Porsche.

Thrilled by the huge success of the Taycan models (41,296 units sold in 2021), Blume said “we are stepping up our electric offensive with another model. By the middle of the decade, we want to offer our mid-engine 718 sports car exclusively in an all-electric form.”

In September 2021, Porsche revealed the Mission R concept, which is roughly about the size of the current 718 models. The concept gives us a pretty good idea of what’s coming in 2025.

“In 2025, half of all new Porsche sales are expected to come from the sale of electrified vehicles—i.e. all-electric or plug-in hybrid. In 2030, the share of all new vehicles with an all-electric drive should be more than 80%,” added Blume.

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