As Porsche begins work on its first pure EV, it is embarking on a major program of capital investment. Reuters reported that the company will invest about 1 billion euros ($1.12 billion) at its Zuffenhausen plant, where the new EV is in development.
Chief Executive Oliver Blume said that the company has “many new products in the pipeline.”
A couple of months ago, Porsche announced plans to invest a mere $700 million, so some have speculated that the increased investment reflects greater interest in EVs.
Meanwhile Porsche said it expects US regulators to respond to its proposals to bring about 13,000 Cayenne SUVs that have VW’s infamous emissions cheater chip into compliance “in the next weeks.”
SEE ALSO: Porsche going ahead with Mission E EV