Mercedes Benz

EVs cost more to build than conventional vehicles. Automakers everywhere have acknowledged that electric cars are the future. Porsche is certainly no exception, evidenced by the all-electric Taycan, due next year. But according to Bloomberg, Porsche is already preparing a plan to increase profits over the next several years because it’s about to spend more in EV development. Specifically, Porsche is currently formulating an ambitious plan to boost operating profit by 6 billion euros ($6.8 billion) over the next eight years by streamlining operations, cost-cutting, and increase digital business offerings. The German automaker’s plan is to increase earnings before interest and taxes by around 750 million euros ($850 million) annually beginning this year through 2025. The ultimate goal is to maintain parent company Volkswagen Group’s 15 percent target return on sales. You see, Porsche is vital to VW Group’s overall profits because it is its most profitable brand. To mainta...