Porsche flags $22 billion EV, software push at first shareholders meeting
Summary
Porsche is shifting to battery technology while making sure margins will not sink, CEO Oliver Blume said Wednesday at the automakers first annual general meeting since going public last year. Porsche has gained some independence from the cumbersome processes of VW Group since listing and is now implementing dozens of measures — from building its own software to developing high-performance batteries — to defend returns. "We are taking a fresh look at everything: from the product range and pricing to the cost structure," said Blume, who is also VW Group CEO. Blume has been critical of problems at VWs software unit Cariad that delayed the launch of key models including Porsches electric Macan. He has appointed Sajjad Khan, Mercedes-Benz Groups former technology chief, to oversee the luxury-car makers software efforts and is pushing to hire more than 1,000 electrification and tech workers.