Despite hardcore motorsport enthusiasts collectively proclaiming the 911 as Porsche’s greatest model of all time, it’s presently being outsold by the all-electric Taycan sedan. As a subsidiary of Volkswagen Group, Porsche was already poised to electrify its entire lineup in anticipation of government restrictions on gasoline-powered models. But consumer interest in high-end EVs may be accelerating the process.
On Monday, Porsche CEO Oliver Blume confirmed plans to launch a full-electric crossover positioned above the Cayenne and Macan that’s likely to become the brand’s most expensive vehicle. This is being done to help prime the pump for the upcoming initial public offering we won’t be able to learn about until we learn more about what its agreement with Volkswagen for the structure of a partial listing looks like. But it also seems that Porsche believes there’s good money in EVs. Considering how well its high-margin crossovers have performed, this seems like a natural progression of its lineup.
Blume said the vehicle would be “a very sporty interpretation” of an SUV — which is already on brand — but provided no additional information on what the model will offer. Codenamed K1, the crossover will be manufactured in Leipzig before the end of the decade. Porsche doesn’t want to give too much away right now and it looks like the vehicle is likely to go through a pretty intense development cycle due to the hardware that’s said to be included.
Last November, Automotive News leaked dealer info that the K1 crossover was slated to arrive sometime after 2025 and may be large enough for a third row of seats. Since then, we’ve also heard that the all-electric flagship will be incorporating hardware from the motorsport-focused Mission R — namely its 920-volt electrical system designed to improve notoriously slow EV charging times.
But it’s hard to say how serious we should be taking this prospective model. Porsche is very obviously trying to hype investors ahead of the IPO and the related announcement focused more on the company’s present positioning, opportunities for growth, and ethereal statements about how it’s redefining luxury.
“Porsche is a global and iconic luxury brand. We are 100 percent sports car and 100 percent luxury,” stated Blume. “As an exclusive sports car manufacturer with the benefit of the economies of scale from our cooperation with Volkswagen Group, we are in the sweet spot of the luxury automotive industry. This results in structural growth opportunities for us.”
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