Porsche plans new electric luxury SUV as profit rises

Berlin [Germany], March 14 : Porsche unveiled plans to launch a new all-electric SUV as it reported a rise in sales and profit in its first annual earnings since parent Volkswagen took the sports-car maker public last year, according to the Wall Street Journal.
The German company said on Monday that the new luxury SUV would be a cornerstone of its plan to boost profitability by having a sharper, strategic focus on high-end automotive consumers.
While Porsche has always made high-end vehicles, like the iconic 911 and its all-electric sedan, the Taycan, the company is seeking to follow rivals like Ferrari, Mercedes-Benz Group and Aston Martin Lagonda Global Holdings in targeting the growing ranks of the world's wealthiest consumers, WSJ said.
"We are underlining and strengthening our sporty luxury positioning," said Porsche Chief Executive Officer Oliver Blume. "We see there are growing profit pools in this segment, especially in China and the US."
Blume did, though, add that the design of the new all-electric SUV would feature Porsche's typical curving front-to-rear fly line, give a strong electric performance and include a range of fully automated functions. The SUV will be based on Porsche's own performance EV technology, WSJ said.
Porsche was among the first high-end sports carmakers to venture into the growing SUV market when it launched the Cayenne in 2002. According to WSJ, The success of the vehicle, and its smaller cousin, the Macan, launched in 2014, inspired other luxury carmakers including Bentley and Lamborghini to develop their own luxury SUVs.
The Wall Street Journal said an all-electric version of the Macan is due to be launched next year after a delay because of troubles with VW's software. An all-electric version of the 718 sports car is slated to come to market next year, followed later by the launch of a new electric generation of the company's Cayenne SUV. VW holds 75 per cent of Porsche.