Porsche to Invest 1 Billion in Mission E Electric Model
05 December 2015 - 3:40AM
Dow Jones News
FRANKFURT—Porsche AG on Friday said that it would invest about 1
billion euros ($1.07 billion) and create more than 1,000 jobs in
preparation for the production of its Mission E electric model.
The bulk of the planned investment will go to Porsche's main
Zuffenhausen plant, in the northern suburbs of Stuttgart. Porsche
said it would invest €700 million in Zuffenhausen, where it plans a
new paint shop and assembly plant and to expand existing
facilities.
Porsche's Mission E project threatens Tesla Motors Inc., which
has established itself as the lead maker of high-end electric
sports cars. Tesla's pricey Model S sedan has been lauded for its
credibility as a street performance vehicle, and executives at
Porsche and other German auto makers are eager to rival it.
Porsche also said Friday that Albrecht Reimold would join its
management board with responsibility for production, effective Feb.
1. He replaces Oliver Blume, who recently became chief executive at
the sports car maker.
Mr. Reimold, 54, will transfer to Germany from his current
position at a Volkswagen plant in Slovakia which also produces the
body for Porsche's Cayenne, the company said.
Since September, the Volkswagen group has made a number of
management changes in the wake of an emissions scandal that has
touched Volkswagen, Audi, Porsche and other subsidiaries.
"I know Albrecht Reimold as a knowledgeable team player," Mr.
Blume said in a statement. "He knows that achieving the best
quality in production facilities depends on people."
The Mission E concept car was introduced at the Frankfurt Auto
Show in September.
Write to Sarah Sloat at sarah.sloat@wsj.com
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(END) Dow Jones Newswires
December 04, 2015 11:25 ET (16:25 GMT)
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