As reported by Ukrinform, this was reported by The Wall Street Journal.

Porsche AG says the new luxury SUV will be the cornerstone of its plan to increase profitability through a sharper strategic focus on premium car consumers.

As noted, while Porsche has always produced high-end cars, the company aims to emulate rivals such as Ferrari NV, Mercedes-Benz Group AG and Aston Martin Lagonda Global Holdings PLC.

According to Porsche CEO Oliver Blum, the new SUV will be positioned in the higher luxury segment.

The vehicle is currently undergoing testing and development, and a release date has yet to be announced.

Blum added that the design of the new electric SUV will feature Porsche’s signature curved front and rear lines, “provide high electrical performance and include a range of fully automatic functions”.

The SUV will be based on Porsche’s own electric vehicle technology.

The company also announced that it sold 309,884 vehicles last year, an increase of 2.6% compared to the previous year. The company’s annual report states that China and the US are Porsche’s largest markets, accounting for 30% and 26% of sales, respectively.

As reported by Ukrinform, Mitsubishi Motors Corp plans to switch its entire car model range to electric motors by the middle of the next decade.

Photo: GETTY IMAGE