Porsche CEO confirms novel three-row, all-electric SUV, and 718 sports car by mid-decade

In a recent interview, Porsche CEO Oliver Blume confirmed the German automaker plans to launch a sporty new all-electric SUV that will be positioned as top-tier model above both the Cayenne and Macan. The new SUV appears to have been somewhat expedited as Porsche faces delays on its all-electric Macan SUV due to software development issues at parent company Volkswagen Group.

In case you’ve been living in a bunker your whole life, Porsche AG is a German sports car manufacturer with nearly a century of experience in going fast and doing so stylishly. Like many veteran automakers, Porsche has built its legacy upon combustion vehicles like the Cayenne, Boxster, and 911 Turbo. That being said, it has recently pivoted its vehicle development toward electric vehicles.

This EV transition began with the ever-popular Taycan, which is supposed be followed by an all-electric Macan (more on that later). Following this early success of the Taycan, Porsche CEO Oliver
Blume sped up the company’s EV goals to electrify 80% of vehicles by 2030:

In 2025, half of all new Porsche sales are expected to come from the sale of electric 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 percent.

News emerged earlier this month that EV software developer and Volkswagen Group subsidiary Cariad was facing development issues threatening production delays to Bentley’s 2030 electrification goals. Furthermore, the software issues have the potential to delay production schedules for the upcoming electric Porsche Macan SUV and sibling model Audi Q6 e-tron – both of which were scheduled to launch next year.

Now, with a Porsche IPO vital to Volkswagen Group’s growth looming and potential EV production delays, the sports car manufacturer is apparently developing its most expensive SUV yet… and it’ll be all-electric.

Porsche’s new electric SUV to feature tech from Mission R

According to Automotive News Europe, Porsche CEO Oliver Blume has confirmed a bespoke electric SUV model codenamed “K1” targeted for the middle of the decade. Blume elaborated during Porsche’s recent capital markets day:

We plan to add a new luxury, all-electric SUV model to our attractive portfolio, which will roll off the production line in Leipzig. This will further expand our position in the luxury automotive segment. We are targeting the higher margin segments in particular and aim to tap into new sales opportunities in this way.

Additionally, Porsche shared that the new, top-tier electric SUV will come equipped with some of the technology from the Mission R concept presented IAA in Munich last year, including its direct oil-cooled electric motor.

Other features on the Mission R include natural fiber reinforced plastic (NFRP) rather than traditional carbon fiber, a 920V electrical system, and high-performance battery. Porsche has not confirmed any of these additional components will make it into new SUV, but did confirm however, that it could feature third-row seating, which would be a world’s first for Porsche.

Previously, Porsche has been working with Quantumscape to integrate solid-state batteries into a 911 – whether it will be a PHEV or BEV remains unclear at this point, even after Oliver Blume said the long running sports coupe would never be electrified. Anyways, solid-state batteries could be more feasible by the time Porsche’s electric SUV hits production and would certainly pair well with the speedy charge rates a 920V platform can provide.

Are all-electric Boxsters and/or Caymans coming?

Despite delays on the all-electric Macan, Blume stood pat on Porsche’s electrification goals for the decade, and even shared intentions for an additional EV model to come:

The Taycan is 100-percent electric and 100-percent Porsche. This combination excites people. We are pushing ahead with our electric offensive: by the middle of the decade, we want to offer our 718 mid-engine sports car exclusively in all-electric form.

For those who are unaware, Porsche’s 718 models refer to the Boxster and Cayman two-seaters, so in addition to an all-electric Macan and the new top of range SUV, consumers may also see a Boxster or Cayman BEV by 2025 or so. That should be welcomed news for investors as Porsche looks to go public in Q4.

In a recent report about Volkswagen Group’s goals to overtake Tesla in EV sales by 2024, we noted that the Porsche IPO will be imperative in VW Group maximizing its valuation as it sells its minority stake, offering more cash flow for accelerating its own transition to electrification. The current IPO outlook has Porsche valued between 80 billion and 90 billion euros ($81.4–$92.2 billion).

Looking ahead, Porsche has already shared that the all-electric Macan has been pushed a year into 2024 as a result of the aforementioned development issues at Cariad. That said, this news of a bespoke electric SUV feels timely as Porsche looks to stay in the good graces of the market ahead of its IPO.

If Porsche can deliver, we as EV fans win. We are very much looking forward to more and more BEVs to join the Taycan… hopefully sooner rather than later.