This high-end luxury SUV will be built alongside the upcoming Macan EV
Luxury vehicles are more profitable, hence why Porsche wants to add one to its lineup
The automaker is targeting the US and emerging countries to increase its sales over the coming years
Porsche announced it is working on another electric SUV that will join the upcoming Macan EV in its lineup, where it will sit above the Cayenne in terms of price and luxury.
Since it was launched in 2003, the Cayenne has always been the most luxurious Porsche SUV and the current model sells for prices between about $83,000 and $210,000.
This is apparently not enough for the automaker anymore and its upcoming electric SUV, which has yet to be named, will be priced above that level.
Porsche sees an opportunity for growth by moving to more upscale products that generate more profits due to higher margins.
This announcement is also a way to generate more interest from investors ahead of the automaker’s initial public offering, which is scheduled for the end of the year.
According to many analysts, the luxury car market will grow over the next couple of years, particularly due to new high-end SUVs and electric vehicles. Porsche’s decision to launch a high-end electric SUV is thus logical.
The company expects to see a shift in its buyer demographics during that period which will leave it with a younger customer base and a higher proportion of women buyers.
Porsche also wants to increase its presence around the world by targeting the United States and developing nations in particular, where this upcoming luxury SUV could attract new buyers.
The company has not revealed any details about this future product except to say that it will be built in the Leipzig factory, alongside the Macan EV that will be the brand’s second electric vehicle when it arrives in 2024.