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Porsche AG sets more ambitious EV target

FRANKFURT (CNA) – Luxury sportscar maker Porsche AG, which parent Volkswagen could float in a partial stock market listing later this year, yesterday set out a more ambitious sales target for electric vehicles.

More than 80 per cent of newly sold Porsche vehicles will be fully-electric in 2030, Porsche AG chief executive Oliver Blume said at the group’s annual press conference.

That target previously applied to Porsche’s electrified models overall, which also includes plug-in hybrids.

Porsche AG also stuck to its long-term target of an operating margin of at least 15 per cent, finance chief Lutz Meschke said.

Volkswagen and its top shareholder Porsche SE struck a framework agreement for a potential partial listing of Porsche AG, which could value the division at up to EUR90 billion.

Such a listing would include listing up to 25 per cent of Porsche AG’s preferred stock, selling 25 per cent plus one ordinary share in the carmaker to Porsche SE and paying out 49 per cent of IPO proceeds to Volkswagen’s shareholders as a special dividend.

A Porsche Taycan in Oslo, Norway. PHOTO: CNA