In its first annual earnings since parent Volkswagen took the sports-car maker public last year, Porsche unveiled plans to launch a new electric SUV.

According to the German company – Porsche, the new luxury SUV will be a cornerstone of its plan to boost profitability by focusing more on high-end automotive buyers.

Porsche has always made high-end vehicles, such as its iconic 911 and all-electric Taycan sedan, but is looking to follow rivals like Ferrari, Mercedes-Benz Group, and Aston Martin Lagonda Global Holdings in targeting the world’s wealthiest consumers, the Wall Street Journal reported.

“We see growing profit pools in this segment, especially in China and the US,” Porsche Chief Executive Officer Oliver Blume said.

The new all-electric SUV will, however, feature Porsche’s characteristic curving front-to-rear flyline, offer strong electric performance, and feature a range of fully automated features, said Blume. According to the WSJ, the SUV will be based on Porsche’s own performance electric vehicle technology.

When Porsche launched the Cayenne in 2002, it was among the first high-end sports carmakers to enter the SUV market. In 2014, Bentley and Lamborghini launched their own luxury SUVs in response to the success of the vehicle, and its smaller cousin, the Macan.

A Macan all-electric model is scheduled to be released next year after a delay due to software issues at Volkswagen, according to the Wall Street Journal. VW holds 75 per cent of Porsche, and will launch an all-electric version of its 718 sports car next year, followed by a new electric version of its Cayenne SUV.

As profits rise, Porsche plans to launch a new electric luxury SUV

In its first annual earnings since parent Volkswagen took the sports-car maker public last year, Porsche unveiled plans to launch an all-electric SUV.

According to the German company, the new luxury SUV will be a cornerstone of its plan to boost profitability by focusing more on high-end automotive buyers.

Porsche has always made high-end vehicles, such as its iconic 911 and all-electric Taycan sedan, but is looking to follow rivals like Ferrari, Mercedes-Benz Group, and Aston Martin Lagonda Global Holdings in targeting the world’s wealthiest consumers, the Wall Street Journal reported.

“We see growing profit pools in this segment, especially in China and the US,” Porsche Chief Executive Officer Oliver Blume said.

The new all-electric SUV will, however, feature Porsche’s characteristic curving front-to-rear flyline, offer strong electric performance, and feature a range of fully automated features, said Blume. According to the WSJ, the SUV will be based on Porsche’s own performance electric vehicle technology.

When Porsche launched the Cayenne in 2002, it was among the first high-end sports carmakers to enter the SUV market. In 2014, Bentley and Lamborghini launched their own luxury SUVs in response to the success of the vehicle, and its smaller cousin, the Macan.

A Macan all-electric model is scheduled to be released next year after a delay due to software issues at Volkswagen, according to the Wall Street Journal. VW holds 75 per cent of Porsche, and will launch an all-electric version of its 718 sports car next year, followed by a new electric version of its Cayenne SUV.

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