Porsche will add an all-electric SUV to its lineup this decade.
The new SUV will be positioned above the midsize Cayenne and compact Macan and will feature technologies previewed on the Mission R concept car.
Porsche's new electric SUV will be built at the company's plant in Leipzig, Germany.
Porsche sure did ruffle some feathers when it launched the Cayenne SUV in 2002. But fast-forward two decades and the Cayenne and smaller Macan SUVs are the company's best-selling models. That's why it makes sense for Porsche to further expand into the SUV range, which it plans to do with a new electric offering.
"We plan to add a new luxury, all-electric SUV model to our attractive portfolio," Oliver Blume, chairman of Porsche's executive board, said in a statement Monday. The new SUV will be built at Porsche's factory in Leipzig, Germany.
Blume announced these plans during a capital markets day ahead of the company's initial public offering, according to Automotive News. He also said the new SUV, internally code-named K1, will go into production in the middle of this decade.
Automotive News reports the new full-size SUV will use technology derived from the Mission R that Porsche debuted in Munich last year. Most notably, the Mission R had 920-volt electrical architecture, which will reduce charging times. We also expect to see some technologies that'll debut on the upcoming electric Macan, which is also expected to launch mid-decade.
"This will further expand our position in the luxury automotive segment," Blume said. "We are targeting the higher-margin segments in particular and aim to tap into new sales opportunities in this way."