The first two-seater electric Porsche will be a 718 model, executives have confirmed.
Drivers can also expect a hybrid version of the Porsche 911, Oliver Blume, Porsche’s chief executive, said on Thursday.
However, he did not specify when production — which would use on-board rather than plug-in hybrid technology — would begin.
The 911, Porsche’s 58-year-old crown jewel, includes wide-ranging variants — from the entry-level $101,200 Carrera to high-performance Turbo S versions that cost more than $200,000.
This comes after Volkswagen said on February 22 that it is preparing an initial public offering of Porsche, its most profitable asset, to fund production of additional electric vehicles.
Mr Blume and Porsche chief financial officer Lutz Meschke have refused to comment on the possible listing, which could value the company as high as €90 billion ($99.6bn), according to Bloomberg Intelligence. The IPO could happen in the second half of this year.
Porsche has hinted at an electric 718 Boxster/Cayman-style vehicle since it unveiled the Mission R at the Munich car show last year. However, this was the first time executives have confirmed speculation about a sporty new EV, which will be its third electric model.
Porsche started delivering the Taycan electric sedan in 2020, and an all-electric Macan is expected by 2023.
By 2025, half of all new Porsches sold will be all-electric or plug-in hybrids, Mr Blume said.
By 2030, 80 per cent of all Porsches will be fully electric, he said. In 2021, less than 40 per cent of all new Porsches delivered in Europe were plug-in hybrid or fully electric.
Sales of the Taycan, which starts at $82,700, have increased. Last year, the company delivered 41,296 globally, exceeding sales of the famous 911, which hit a record 38,464 units.
All told, Porsche delivered 301,915 vehicles to customers in 2021, an 11 per cent jump from the 272,162 vehicles delivered in 2020 and the first time it has surpassed the 300,000 mark.
Deliveries increased in all global sales regions in 2021, led by China with more than 95,000 deliveries, up 7.5 per cent from 2020.
Porsche also grew rapidly in the US, where sales rose 22 per cent to more than 70,000 units. In Germany, Porsche increased deliveries by 9.2 per cent to about 29,000 units.
“We see that 2021 has made clear that we are weather-proof, even in stormy times,” Mr Blume said. “We have achieved strong results. This has put us in a first-class position for the future.”
Still, executives said US customers should expect significant delays across all Porsche’s product lines in the coming months because of unexpected obstacles.
In February, hundreds of Porsche cars were destroyed when a ship burnt and sank in the Atlantic Ocean. The company has also struggled to source parts from numerous suppliers in Ukraine since Russia’s invasion.
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
In The Heights
Directed by: Jon M. Chu
Stars: Anthony Ramos, Lin-Manual Miranda
Rating: ****
Company%20profile
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KILLING OF QASSEM SULEIMANI
Story%20behind%20the%20UAE%20flag
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Killing of Qassem Suleimani
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
Heather, the Totality
Matthew Weiner,
Canongate
Killing of Qassem Suleimani
Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
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By Marion Rankine
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Killing of Qassem Suleimani
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
UAE currency: the story behind the money in your pockets
The specs
BMW M8 Competition Coupe
Engine 4.4-litre twin-turbo V8
Power 625hp at 6,000rpm
Torque 750Nm from 1,800-5,800rpm
Gearbox Eight-speed paddleshift auto
Acceleration 0-100kph in 3.2 sec
Top speed 305kph
Fuel economy, combined 10.6L / 100km
Price from Dh700,000 (estimate)
On sale Jan/Feb 2020
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
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Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
UAE currency: the story behind the money in your pockets
WITHIN%20SAND
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In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
