There was no guarantee that Porsche would be one of the automakers to thrive as the industry shifted from the internal combustion engine to electric motors.
But so far, the German luxury car manufacturer has seen tremendous success.
The company started selling its first hybrids in 2010 and its first all-electric model, the Taycan, in 2020. Last year, more than one out of every eight vehicles the company sold was a Taycan.
On Friday, company executives announced that Porsche is doubling down on EVs.
By 2030 — in less than a decade — "the share of all new vehicles with an all-electric drive should be more than 80 percent," according to Oliver Blume, Chairman of the Executive Board of Porsche AG. He spoke at a corporate event in Germany.
The company set an intermediate goal, too: By 2025 — just three years from now — it expects that half the vehicles it sells will be electric, including hybrids.
The Taycan led the charge
The success of the Taycan has been an enormous deal for Porsche, a company whose racing-adjacent brand might have struggled to sell customers on electric vehicles. Blume underscored that point at the press conference, reminding reporters that "[t]he Taycan is 100 percent a Porsche."
The model "inspires all kinds of people – existing and new customers, experts, and the trade media," Blume said.
There's no arguing with that. In its second year in production, the company sold more Taycans than Tesla sold of its Model S and Model X — combined. The Taycan even outsold Porsche's famous 911 sports car.
The company sold roughly 300,000 cars in 2021, bringing in $36.5 billion across all divisions. It kept $5.9 billion as a profit.
How Porsche could get to 80 percent electric by 2030
Even with a running start, the company still has a lot of work before most of its sales come from electric vehicles.
It's taking the unusual step for an automaker of "investing in premium charging stations," both with partners and on its own. The company will start installing charging stations in Germany, Switzerland, and Austria later in 2022. The stations will complement Europe's Ionity network, and they'll only be available to Porsche customers.
The company is also investing in battery production. (Sound familiar?) Porsche had already announced its partnership with battery manufacturer Cellforce, breaking ground this year on a factory near a Porsche plant in Germany. The factory will initially produce enough batteries to power 1,000 "electrically powered Porsche models with high-performance drivetrains" per year.
Porsche looks to the future
Finally, Blume made some much-anticipated announcements about the future of Porsche's hybrid and all-electric lines.
He said that customers could finally expect to see a hybrid version of the storied 911 — but not a plugin model. It's unclear if any 911 GT models will get the same treatment. A tight-lipped Blume said there would be "surprises."
A critical moment
These announcements come at a critical moment in Porsche's history. Last month, Volkswagen — Porsche's parent company — announced a preliminary "framework agreement" to spin off the subsidiary, accounting for about one-third of its profits.
VW would use the proceeds to help fund its transition to electric vehicles.