Porsche offers glimpses of new EVs including a flagship electric SUV

Porsche offered glimpses on its future full-electric models -- including a flagship electric SUV positioned above the Cayenne -- as part of its goal of delivering more than 80 percent of its new vehicles as full-electric models in 2030.

The SUV will be designed to offer strong performance and automated driving functions with the typical Porsche flyline, the automaker said in a statement on Monday. It will use Volkswagen Group's SSP Sport platform, which is being developed by Porsche. 

"We are observing growing profit pools in this segment, in particular in China and the U.S.," CEO Oliver Blume said in the statement.

Porsche's other upcoming full-electric cars will be:

• An all-electric Macan SUV that will be available to customers in 2024 as the brand's second battery-electric car after the Taycan sedan
• Full-electric versions of the 718 Boxster und Cayman are planned for the middle of the decade
• The Cayenne is poised to receive an full-electric powertrain as early as 2025 or 2026.

Porsche on Monday reported record earnings and revenue in 2022 as it boosted car deliveries and tightened costs. The company's operating return during 2022 rose to 18 percent from 16 percent in 2021. It had an operating profit of 6.8 billion euros ($7.26 billion). While a record, the result slightly missed expectations.

Porsche expects returns to remain roughly around last year’s record level on the back of attractive models and high prices, provided an already challenging economic backdrop does not get much worse.

The brand’s operating margin is set to reach between 17 percent and 19 percent this year, compared with 18 percent last year.

The key profit contributor to parent Volkswagen Group expects revenue to rise this year to as much as 42 billion euros ($45.1 billion).

Porsche is Europe’s most valuable automaker after last year’s blockbuster initial public offering. It said it has “well-filled” order books helping to stave off some of the pressure from ongoing supply-chain troubles.

The comments chime with other car manufacturers such as BMW counting on pent-up demand, with luxury car buyers less affected by record inflation and the threat of recession.

Porsche confirmed plans last July to launch a range-topping, full-electric flagship crossover that Blume described at the time as "a very sporty interpretation of an SUV."

The crossover, codenamed K1, will be built in Leipzig starting from the middle of the decade, will incorporate technology seen on the Mission R concept presented in 2021 at the IAA auto show in Munich. In addition to a new high-performance battery, the Mission R also had a 920-volt electrical system designed to reduce charging times.

Porsche is also planning to set up a new Car-IT department, headed by former Daimler digital chief Sajjad Khan. The move follows protracted problems at VW’s Cariad software unit that have delayed several important models, including Porsche’s electric Macan.

Dividend payment

Porsche is proposing a dividend of 911 million euros following the company’s partial listing in September, equating to 1 euro per ordinary share and 1.01 euro per preferred share.

Bloomberg and Reuters contributed to this report