Porsche offers glimpses of new EVs including a flagship electric SUV

Porsche offered glimpses of 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 a "new vehicle concept" for the brand that offers high performance, automated driving functions and the typical Porsche flyline, CEO Oliver Blume said during a press conference on Monday.

The new SUV, which will use parent Volkswagen Group's SSP Sport platform, will strengthen Porsche's position in the luxury segment, Blume added.

"We see profit pools in this segment growing by leaps and bounds, especially in China and the U.S.," Blume added.

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

• The battery-powered Macan SUV, which will be available to customers in 2024, joining the brand's first full-electric car, the Taycan sedan
• The new 718, which will be offered as a full-electric model as well as one with an internal combustion engine starting in 2025. Blume said in the medium term the 718 would be "exclusively available as an all electric model" but didn't share a timetable for this transition
• The Cayenne is poised to receive an full-electric powertrain as early as 2025.

Porsche on Monday reported record earnings and revenue in 2022 as it boosted car deliveries and tightened costs.

The company's 2022 operating return during 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. Porsche said Monday it's goal is to regularly achieve an margin of 20 percent or more, without stating a specific year.

The key profit contributor to VW 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.

Chief Financial Officer Lutz Meschke said during the press conference that Porsche's order book was "full to bursting," which is helping it offset some of the pressure from ongoing supply-chain troubles.

The comments align with other automaker 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, code-named the 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. Blume said Khan's arrive "would give a lift" when it came to the brand's software competence.

The move follows protracted problems at VW Group’s Cariad software unit that have delayed several important models, including Porsche's electric Macan. Blume acknowledged the delay and said "we are now just concluding the development of the software."

Dividend payment

Porsche is proposing a dividend of 916 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