"We plan to add a new luxury, all-electric SUV model to our attractive portfolio, which will roll off the production line in Leipzig," Porsche boss Oliver Blume said. "This will further expand our position in the luxury automotive segment. We are targeting the higher margin segments in particular and aim to tap into new sales opportunities in this way."
Porsche did not offer much information about the new SUV beyond it being all-electric — part of plans to sell 80% EVs by 2030. But we can surmise that "targeting the higher margin segments" means building a larger, potentially three-row SUV to slot above the compact Macan and midsize Cayenne and rival cars like the Mercedes EQS SUV.
Back in November, Automotive News reported that Porsche showed off a rendering of a bigger SUV to dealers. One of them described it as "part sedan, part crossover" and "rakish." That new SUV is supposed to be coming for the second half of the 2020s. Though the report said there would be hybrid and electric versions of it.
Why is Porsche half-announcing a new electric SUV now that may not arrive for a few more years? VW plans to spin off Porsche into its own company with an IPO, which may happen as soon as Q4 of 2022. The goal for that move would be to replicate Ferrari's success. The conglomeration, then known as FCA, spun off Ferrari in the mid-2010s, and its market cap is now worth almost as much as FCA combined.
The market strongly values EV brands. Tesla is more valuable than the next eight automakers combined. And companies like Rivian and Lucid Motors are worth more than Hyundai. A flagship all-electric SUV would highlight how Porsche was planning to be at the cutting edge of EV technology and — unlike several EV startups — turn a substantial profit while doing so with its proven production methods.