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    Friday, March 18, 2022

    Porsche Sets Ambitious EV Target; says 80% of its Cars to be Electric by 2030

    Luxury sportscar maker Porsche, which parent Volkswagen could float in a partial stock market listing later this year, on Friday set out a more ambitious sales target for electric vehicles.

    More than 80 percent of newly sold Porsche vehicles will be fully-electric in 2030, Porsche chief executive Oliver Blume said at the group's annual press conference.

    That target previously applied to Porsche's electrified models overall, which also includes plug-in hybrids.

    Porsche also stuck to its long-term target of an operating margin of at least 15 percent, finance chief Lutz Meschke said.

    Volkswagen and its top shareholder Porsche SE struck a framework agreement for a potential partial listing of Porsche, which could value the division at up to 90 billion euros.

    Such a listing would include listing up to 25 percent of Porsche's preferred stock, selling 25 percent plus 1 ordinary share in the carmaker to Porsche SE and paying out 49 percent of IPO proceeds to Volkswagen's shareholders as a special dividend. © Reuters

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