Porsche confirms its first two-seater EV will be a 718

The first two-seater electric Porsche will be a 718, executives confirmed on a video call with reporters.

Drivers can also expect a hybrid version of the Porsche 911, Oliver Blume, Porsche’s CEO, said Thursday. But Blume did not specify when the production hybrid, which would use full rather than plug-in hybrid technology, would begin.

The question of how many variants of the 911 might get the hybrid treatment was also not answered.

The 911, Porsche’s 58-year-old icon sports car, includes wide-ranging variants, from the entry-level Carrera to high-performance Turbo S versions.

The news comes after parent Volkswagen Group said Feb. 22 that it is preparing an initial public offering of Porsche, its most profitable asset, to help fund production of additional EVs.

Blume and Porsche Chief Financial Officer Lutz Meschke have steadfastly refused to comment on the possible listing, which could value the company as high as 90 billion euros ($99.7 billion), according to Bloomberg Intelligence. The IPO could happen in the second half of this year.

Porsche has hinted at an electric 718 Boxster/Cayman-style vehicle since it unveiled the Mission R at the Munich auto show last year, but this was the first time executives have confirmed speculation about a sporty new EV, which will be its third electric model.

Porsche started delivering the Taycan EV in 2020, and an all-electric Macan crossover is expected by 2023.

By 2025, half of all new Porsches sold will be full-electric or plug-in hybrids, Blume said.

By 2030, 80 percent of all Porsches will be fully electric, he said, previously a target applied to all the brand’s electrified models. In 2021, less than 40 percent of all new Porsches delivered in Europe were plug-in hybrid or full electric models.

Sales of the Taycan have soared. Last year, the company delivered 41,296 globally, exceeding sales of the legendary 911, which reached a record 38,464 units.

In total, Porsche delivered 301,915 vehicles to customers in 2021, an 11 percent jump from the 272,162 delivered in 2020 and the first time it has surpassed the 300,000 mark.

Deliveries increased in all global sales regions in 2021, led by China with more than 95,000 deliveries, up 7.5 percent from 2020.

Porsche also grew rapidly in the U.S., where sales rose 22 percent to more than 70,000 units. In Germany, Porsche increased deliveries by 9.2 percent to almost 29,000 units.

“We see that 2021 has made clear that we are weather-proof, even in stormy times,” Blume said. “We have achieved strong results. This has put us in a first-class position for the future.”

Still, executives said U.S. customers should expect significant delays across all Porsche’s product lines in the coming months because of unexpected obstacles.

In February, hundreds of Porsche cars were destroyed when a ship burned and sank in the Atlantic Ocean. The company has also struggled to source parts from multiple suppliers in Ukraine since Russia’s invasion.

“All model lines will be affected in the next coming months,” Meschke said.

Porsche also stuck to its long-term target of an operating margin of at least 15 percent, finance chief Lutz Meschke said. The brand’s margin last year was 16.5 percent.

Reuters contributed