The first two-seat electric Porsche will be a 718, executives confirmed on a far-reaching video call with reporters.

Drivers can also expect a hybrid version of the Porsche 911, Oliver Blume, Porsche’s chief executive officer, said Thursday. But he did not specify when production — which would use on-board rather than plug-in hybrid technology — would begin. The question of how many variants of the 911 might get the hybrid treatment was also not answered.

The 911, Porsche’s 58-year-old crown jewel, includes wide-ranging variants, from the entry-level US$101,200 Carrera; to high-performance Turbo S versions that cost more than US$200,000.

The news comes after Volkswagen said February 22 that it’s preparing an initial public offering of Porsche, its most profitable asset, to help fund production of additional electric vehicles. Blume and Porsche Chief Financial Officer Lutz Meschke have steadfastly refused to comment on the possible listing, which could value the company as high as €90 billion (US$99.7 billion), according to Bloomberg Intelligence. The IPO could happen in the second half of this year.

Porsche has hinted at an electric 718 Boxster- or Cayman-style vehicle since it unveiled the Mission R at the Munich auto show last year, but this was the first time executives have confirmed speculation about a sporty new EV, which will be its third electric model. Porsche started delivering the Taycan electric sedan in 2020, and an all-electric Macan is expected by 2023.

By 2025, half of all new Porsches sold will be all-electric or plug-in hybrids, Blume said. By 2030, 80 per cent of all Porsches will be fully electric, he said. In 2021, less than 40 per cent of all new Porsches delivered in Europe were plug-in hybrid or fully electric.

Sales of the Taycan, which starts at US$82,700, have soared. Last year, the company delivered 41,296 globally, exceeding sales of the legendary 911, which reached a record 38,464 units.

All told, Porsche delivered 301,915 vehicles to customers in 2021, an 11-per-cent jump from the 272,162 delivered in 2020, and the first time it has surpassed the 300,000 mark.

autos, cars, porsche, porsche confirms first electric two-seater will be its 718

Strip off the aero package on this Porsche Mission R concept and you get a sense of the Porsche 718 EVs will look like in 2025. Photo by Porsche

“We see that 2021 has made clear that we are weather-proof, even in stormy times,” Blume said. “We have achieved strong results. This has put us in a first-class position for the future.”

Still, executives said U.S. customers should expect significant delays across all Porsche’s product lines in the coming months because of unexpected obstacles. In February, hundreds of Porsche cars were destroyed when a ship burned and sank in the Atlantic Ocean. The company has also struggled to source parts from  multiple suppliers in Ukraine since Russia’s invasion.

“All model lines will be affected in the next coming months,” Meschke said.

Keyword: Porsche confirms first electric two-seater will be its 718

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