Porsche bets big on electric cars

Jamie McKane

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Porsche bets big on electric cars

Porsche AG has an ambitious plan to boost operating profit by 6 billion euros ($6.8 billion) over eight years by streamlining operations as the automaker spends more to develop and manufacture electric cars, according to people with knowledge of the matter.

Porsche aims to boost earnings before interest and taxes by about 750 million euros annually over a timeframe starting this year and running through 2025 by increasing efficiencies, cutting costs and boosting earnings from new business such as digital offerings, said the people, who asked not to be identified because the discussions are private.

[Bloomberg]
 
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