LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

Porsche may ditch diesel engines - CEO

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Tue, Jul 18, 2017
06:39 pm
Reuters

Porsche will decide at the end of the decade whether its latest generation of diesel engines will be its last, Chief Executive Oliver Blume told Reuters, the first time a German carmaker has said in public it could discontinue diesel.

Volkswagen`s cheating on diesel emissions tests has cast a shadow over its Porsche division and the sports car brand, which first introduced diesel in its Cayenne sports utility vehicle (SUV) in 2009, is considering its options.

"Of course we are looking into this issue," CEO Blume said in an interview at the Nuerburgring motorsports complex in western Germany. "We have not made a decision on it."

Blume said Porsche would offer a mix of combustion engines, plug-in hybrid vehicles and purely battery-powered cars over the next 10-15 years and would decide at the end of the decade whether diesel had a future at Porsche.

German prosecutors last month started investigating Porsche staff to see whether they were involved in designing illicit engine-control software and regulators are examining whether the Cayenne was fitted with such a device.

A redesign of the Cayenne will be launched in September and it will still offer a diesel version, Blume said, just like the Panamera saloon that hit dealerships last November.

"For the generations that will follow there are different scenarios," Blume said. One scenario has Porsche backing out of diesel altogether, sources at the carmaker said.

Stuttgart-based Porsche still relies on diesels, which account for about 15 percent of its global sales, to help it bring down emissions of carbon dioxide (CO2) as they are more fuel-efficient than petrol engines.

At luxury rival BMW, diesel cars make up 35 percent of new registrations while Audi`s European diesel sales alone account for two-thirds of deliveries.ELECTRIC CITIES

But diesel`s image has been badly tarnished by the emissions scandal and revelations that some engines pump dangerously high levels of poisonous nitrogen oxides into the air, prompting many carmakers to review their strategies.

To tap into growing demand for electric cars, Porsche is spending a billion euros ($1.2 billion) to overhaul its main Stuttgart plant and build its first battery-only model - the four-door Mission E saloon which is due on the market in 2019.

Battery-only vehicles could account for a quarter of Porsche`s sales by 2025, give or take 5 to 10 percentage points, Blume said, contradicting a media report that said up to half of its output by 2023-24 could be electric.

Earlier this month, Geely`s Volvo said all its cars launched after 2019 would be electric or hybrids, making it the first major traditional carmaker to set a date for phasing out vehicles power solely by combustion engines.

Porsche and Audi, which together contribute 60 percent of VW`s profits, are targeting "significant savings" in development and material costs for their electric-car programmes by sharing a new production platform code-named PPE, Blume said.

The new architecture will allow both brands to save money by sharing components and modules, helping Porsche with a goal of keeping its return on sales at about 15 percent a year, he said.

"Further platforms are conceivable, for instance with SUVs."

Porsche sales rose 6 percent to a record 238,000 cars in 2016 and Blume said the carmaker had a guideline for increasing its sales about 5 percent per year through 2025.

Counting on growing demand for high-end electric cars, Porsche may spawn another zero-emission model off the Mission E platform, for which it plans an initial capacity of about 20,000 cars at its Zuffenhausen factory, Blume said. An electrified version of the top-selling Macan SUV is also possible.

"We expect the metropolises in China and Asia will switch to pure electric mobility very fast," the CEO said. "I believe there will be few pure combustion engines to be seen in the large cities there in five years time. The development in rural areas will, however, proceed much more slowly."

($1 = 0.8657 euros)

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:

LATEST NEWS

Infosys results TODAY: Expert pegs target price at Rs 1560-Rs 1600

Expert says Escorts share price consolidating in Rs 1200-Rs 1400 range, breakout above Rs 1400

Stocks to Buy with Anil Singhvi – Experts Kunal Saraogi, Rakesh Bansal pick Laurus Labs as their Special Pick for today

Free Fire OB27 update: Check release date and time in India, upcoming patch, weapons and more

NEET PG 2021: Admit cards for the exam to be released TODAY - see how to download, exam date and all other details here

Cancel CBSE Board Exam 2021: After Arvind Kejriwal, Punjab CM Amarinder Singh says POSTPONE CBSE board exams, shoots off letter to Pokhriyal

TCS emphasizes on providing technological solutions to its customers: V Ramakrishnan, CFO

BIG - CBSE Board Exams 2021 - Class 10th boards CANCELLED, Class 12th postponed - Get FULL DETAILS here

Mid-Cap Stock Picks With Anil Singhvi: Aarti Surfactants, Greaves Cotton and FDC are top recommendations

NEW RESTRICTIONS in Maharashtra from 8 PM TOMORROW, CM Uddhav Thackeray says in his address to the STATE

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved