Porsche plans new electric luxury SUV as profits grow

Porsche unveiled plans to launch a new all-electric SUV as it reported a rise in sales and profit in its first annual earnings since parent Volkswagen took the sports-car maker public last year, according to the Wall Street Journal.

The German company said on Monday that the new luxury SUV will be a cornerstone of its plan to increase profitability by delivering a sharp, strategic focus on high-end automotive consumers.
While Porsche has always made high-end vehicles such as the iconic 911 and its fully electric sedan, the Taycan, the company is trying to follow suit with rivals such as Ferrari, Mercedes-Benz Group and Aston Martin Lagonda Global Holdings. the world’s wealthiest consumer, said the WSJ.

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