|Bid||61.52 x 14100|
|Ask||61.54 x 12000|
|Day's Range||60.76 - 61.82|
|52 Week Range||49.89 - 65.26|
|Beta (3Y Monthly)||0.04|
|PE Ratio (TTM)||4.77|
|Earnings Date||Nov 12, 2019|
|Forward Dividend & Yield||2.21 (3.57%)|
|1y Target Est||N/A|
Porsche is now going green with their new Porsche Taycan. Available in two models, the Taycan Turbo starts at $150,900 while the Taycan Turbo S will retail at $185,000. Yahoo Finance's Pras Subramanian joins Yahoo Fiannce's YFi PM to discuss.
Volkswagen and Porsche are on the receiving end of some trolling at the hands of Elon Musk and Tesla. Yahoo Finance's Dan Roberts, Kristin Myers, Heidi Chung and Rick Newman discuss.
Sep.04 -- Porsche picked Niagara Falls, a Chinese wind farm and a solar site in Germany to unveil its first all-electric sports car, underscoring the new Taycan’s central role in turning parent Volkswagen AG into the world’s leading seller of battery-powered vehicles. Porsche Chief Executive Officer Oliver Blume speaks with Bloomberg's Matt Miller at an auto show in Neuhardenberg, Germany.
Rev up your engines! Porsche is going green and will look to compete with Tesla in the electric car space. Yahoo Finance's Zack Guzman, Sibile Marcellus and Pras Subramanian, along with Dealbreaker Executive Editor Thornton McEnery discuss.
(Bloomberg) -- First there was derision. Then mockery turned into admiration. Now a battle is unfolding between two of the most revered names in the automobile world, Porsche and Tesla Inc. on one of the world’s most challenging race tracks.The two automakers are vying for electric vehicle bragging rights on Germany’s Nürburgring, a circuit with 73 tight turns (Silverstone in the U.K. has 18), changing elevations and a brutal length of more than 20 kilometers (12.4 miles) winding through a leafy forest, earning it the nickname “Green Hell.”It’s here that Porsche’s new Taycan Turbo S set the record as the fastest four-door electric car last month, clocking in at 7 minutes and 42 seconds. The feat wasn’t lost on a rival sitting thousands of miles away in California: Tesla’s CEO Elon Musk. Always one to relish a good fight, Musk picked up the gauntlet and has dispatched a Model S to the German hinterland to reclaim the bragging rights as king of the electric sedan.“We welcome competition, it helps you to get better step by step. But of course you always have to compare apples with apples,” Porsche AG Chief Executive Officer Oliver Blume told Bloomberg Friday on the sidelines of a panel discussion near the Frankfurt auto show.The epic battle between incumbent and upstart has been infused with social-media feeds that have energized die-hard fans on either side of the Atlantic. Adding to the frenzy is former Formula One racing champion Nico Rosberg, who chimed in on Twitter offering to pilot the Tesla. Musk happily accepted in a tweeted reply, but it’s unclear who actually will be behind the wheel.Porsche’s Blume said Tesla had selected another driver “who knows the Nürburgring well,” but he declined to provide a name.Musk has a lot riding on the challenge. After Porsche unveiled the Taycan Turbo and Turbo S as its first electric cars last week, he teased the brand for its nomenclature -- a turbocharger is only found in a combustion engine. Following the initial ribbing, he found more charitable words in a later tweet, acknowledging the Taycan “does seem like a good car” and its Nürburgring track time “is great.”Blume said Friday the respect is mutual, but was careful to note the Taycan’s record was achieved with a normal series production car that came straight from the assembly line and can be purchased by customers. Tesla, by contrast, has already been working for about two weeks near the track to modify a Model S for racing purposes to achieve the fastest-possible time, the Porsche CEO said.While a series version Model S wouldn’t be able to beat the Taycan’s lap time, a modified race version with tweaked suspension and brakes “could go in that direction,” Blume said. “We have a lot of respect for Tesla. They have achieved a lot and Elon Musk built this company from scratch.”The stakes are also high for Volkswagen AG‘s luxury sports car unit, which has watched Tesla turn itself into a veritable alternative for customers seeking a high-performance car but with an electric powertrain, an open flank that the Stuttgart-based manufacturer now hopes to protect with the Taycan.Musk posted on Sept. 6 that a Model S would make an appearance at the track “next week.” Indeed, a modified Model S has been spotted testing on the Nürburgring Nordschleife, according to Car and Driver, which appeared to show the car on the track as part of a general driving session open to others. The model sported flared fenders and an enlarged opening at the front, probably for extra cooling.When exactly the car might attempt to break the Taycan’s record remains shrouded in mystery. Tesla didn’t respond to a request for comment on its plans. A spokesman for the Nürburgring said Tesla has not officially booked exclusive time with the track.The Tesla-Porsche competition may be a marketing spectacle, but one that nevertheless helps to draw attention to electric vehicles, said Gene Munster, a managing partner at venture capital firm Loup Ventures and longtime Tesla bull. Munster predicted Tesla would race a souped-up version of the Model S at Nürburgring, and that it will beat Porsche’s Taycan record.“Elon wouldn’t take it to the track if they didn’t think they would win,” Munster said in a phone interview. “He’s fiercely competitive, and he loves sticking it to traditional automakers. It’s his hobby. He feels confident.”Tesla tweeted on Sept. 11 that a Model S with a new “Plaid” powertrain beat the record for the fastest four-door sedan at Laguna Seca, a race track near Monterey, California, though the time wasn’t achieved during a competitive event and hasn’t been endorsed by the raceway.Pushing the round below 10 minutes is the ambition of all Nürburgring daredevils. The track is open to both professional and amateur drivers, and the fastest time with a street-legal sports car was 6 minutes and 44 seconds, performed in a Porsche GT2 RS MR on Oct. 25 last year, according to the circuit’s website. That’s an average speed of 185 kilometers an hour for the 20.8 kilometer stretch.(Updates with comments from Porsche CEO in second paragraph)\--With assistance from Hayley Warren and Oliver Sachgau.To contact the reporters on this story: Elisabeth Behrmann in Frankfurt at firstname.lastname@example.org;Dana Hull in San Francisco at email@example.com;Christoph Rauwald in Frankfurt at firstname.lastname@example.orgTo contact the editors responsible for this story: Anthony Palazzo at email@example.com, Benedikt Kammel, Chester DawsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
For the 2019 model year, the BMW X5 is all new, and that is a very good thing. '2 Dudes in a Car' takes the new X5 for a spin.
(Bloomberg) -- Porsche is in discussions to procure electric-car batteries from China’s Contemporary Amperex Technology Co. Ltd., as global automakers widen their supplier networks to secure the key components for future vehicles.The German carmaker and CATL are “in good talks,” Porsche research and development chief Michael Steiner told reporters Wednesday in the city of Fuzhou, China, adding he meets with CATL management regularly. “They are really catching up.”Sufficient battery supplies are crucial for automakers vying for pole position in the burgeoning electric-car market. While Porsche parent Volkswagen AG has already picked CATL as one of its suppliers, the first all-electric Porsche -- unveiled on Wednesday -- uses batteries from South Korea’s LG Chem Ltd.Adding a high-profile customer such as Porsche would be a boon for CATL as it seeks an edge over competitors LG Chem, Panasonic Corp. and BYD Co. CATL is building a plant in Germany to strengthen its presence in Europe -- the region where Porsche builds all its vehicles. The battery maker has already secured local premium brand BMW AG as a customer.Panasonic has a long-standing relationship with electric-car leader Tesla Inc., though the U.S. marque is also said to be buying batteries from LG Chem for cars that will be built in its new China factory. Porsche’s sister brand Audi, maker of the e-Tron electric vehicle, is in advanced talks to buy batteries from China’s BYD, people familiar with the matter have said.Porsche’s China chief, Jens Puttfarcken, said Wednesday the carmaker is working to get an exemption from a 10% purchase tax in the country for its electric vehicles, something Tesla already obtained. The German brand probably won’t get it by the time the newly introduced all-electric Taycan starts selling, but is confident it can get it within 2020, he said in an interview in Fuzhou.“We are working intensively with Chinese authorities,” Puttfarcken said.To contact Bloomberg News staff for this story: Chunying Zhang in Shanghai at firstname.lastname@example.orgTo contact the editors responsible for this story: Young-Sam Cho at email@example.com, Ville Heiskanen, Angus WhitleyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Four years ago, Porsche showed off a concept that would mark a turning point— in investment, R&D and product trajectory — for the German automaker
Porsche's new Taycan electric cars make the Model S look like a bargain, but perhaps highlight its age, analysts said Wednesday.
Porsche is making a leather-free version of its new Taycan electric sports car in the latest attempt by a German automaker to play up green credentials as environmental activists lobby for a boycott of the industry. Porsche, part of Volkswagen , said on Wednesday it would invest 6 billion euros ($6.7 billion) through 2022 to develop electric vehicles, as it presented its first zero-emissions sports car. "With the Taycan, Porsche offers an entirely leather-free interior for the first time.
(Bloomberg) -- Porsche picked Niagara Falls, a Chinese wind farm and a solar site in Germany to unveil its first all-electric sports car, underscoring the new Taycan’s central role in turning parent Volkswagen AG into the world’s leading seller of battery-powered vehicles.After a bumpy start for sister brand Audi’s e-Tron, the Taycan, with the top Turbo S version priced at $185,000, is for the time being the flag-carrier in VW’s massive drive to unseat e-car pioneer Tesla Inc. The wraps came off Wednesday at simultaneous events in its three biggest markets, with Porsche -- known for churning out roaring sports cars -- presenting the vehicle bathed in a backdrop of sustainable-power imagery.“It’s a true Porsche,” the brand’s chief executive officer, Oliver Blume, said at the German leg of the event that unveiled a white version of the sedan. “But it’s different than anything we built in the past 70 years. Porsche is positioning itself for a sustainable future.”Despite all its engineering muscle as the world’s largest automaker, VW has struggled to slow Tesla’s march. The debut of the e-Tron, a challenger to the Model X sport-utility vehicle, was marred by delays and a recall. Tesla chief Elon Musk has meanwhile stretched downmarket with the lower-priced Model 3, which started selling in Europe this year and is about to begin production in China.Higher-Priced VersionsLike Tesla with the Model 3, Porsche is rolling out higher-priced versions of the Taycan first, starting with Turbo S and the $150,900 Turbo. The base version of the car is expected to be priced below $100,000, and a Gran Turismo derivative will start sales at the end of next year.The car will generate a “good margin” starting with the top end versions, Blume said in an interview with Bloomberg TV. Returns won’t be as high as for other models “but this is a start for e-mobility.”The Taycan, boasting technical superlatives such as ultra-fast charging, and the mass-market VW ID.3 will be on display at next week’s Frankfurt auto show, and are slated to start production later this year, leading VW’s more than 30 billion-euro ($33 billion) push to produce battery-powered cars across all price segments. It’s a plan the German manufacturer can ill-afford to see falter.The Taycan “is a turning point for Porsche and the industry as it raises the technical bar for electric vehicles beyond Tesla,” Bloomberg Intelligence analyst Michael Dean wrote in a report. The Taycan should “be profitable from launch given Porsche’s proven pricing power, albeit at vastly reduced margins as compared with gas-powered models.”At last count, the sleek car had attracted about 30,000 deposits. The car is partly financed by a 1 billion-euro ($1.1 billion) green Schuldschein promissory note, the first for a carmaker. It may quickly outsell the iconic 911 that has led Porsche’s appeal among the world’s wealthy for decades. Half of deliveries will be all-electric or hybrid by 2025, Blume said.Read this: Porsche’s $150,000 Electric Taycan Turbo Is Aimed Right at TeslaThe technologically refined car will go head-to-head with Tesla’s aging Model S, after Mercedes-Benz, Jaguar and Audi opted for SUVs to kickstart their electric-car offerings. Tesla is facing concerns over whether it can deliver sustainable profits amid waning demand for its older models while sales rise for the cheaper Model 3.“Model S and X volumes have plummeted in the last two quarters and have been a huge drag on Tesla’s recent financials,” Sanford Bernstein analyst Toni Sacconaghi said in a note. He counted a number of potential factors, including cannibalization from the Model 3, aging product design and new competition.Acceptable ReturnsThe jury is also out on whether Porsche can generate acceptable returns on cars designed to keep the manufacturer’s healthy margins ticking over in the shift to tighter emission rules. It enters the fray in rude health as VW’s most profitable brand.Demand for the Cayenne SUV helped to lift sales by 2% in the first half despite a slowing market. Maintaining healthy operating returns -- at 16.5% during the first six months -- is key to funding VW’s unprecedented shift into the new era.The Stuttgart, Germany-based manufacturer picked the three Taycan event locations to showcase sources of green energy: Niagara Falls in North America for hydro power, a solar farm outside of Berlin and a wind farm in China near the city of Fuzhou. While automakers gradually move toward battery-powered cars, the energy used to charge them often still comes from non-renewable sources like coal plants.Hybrid PromisePorsche has seen promising sales of plug-in hybrid versions of existing models like the Panamera four-door coupe, with over half of customers in Europe going for partially emissions-free options. To ease concerns over going fully electric, the carmaker is installing fast chargers at dealerships in the U.S. and Europe.VW is also participating in Ionity, which is rolling out a network of high-speed charging points across European highways. The Taycan can recharge 100 kilometers (62 miles) in four minutes, and has a total range of 450 kilometers. That compares with a reach of 610 kilometers for the Model S 100D fitted with the biggest battery.High-tech goodies include a horizontal touchscreen that stretches all the way to the passenger side, with a separate control panel. The infotainment integrates Apple Music software that lets drivers capture a song on the radio and add it to an their playlist. (Android-phone owners are out of luck -- Porsche’s infotainment system only works with Apple.)(Updates with CEO comment in sixth paragraph.)\--With assistance from Gabrielle Coppola, Chunying Zhang and Matthew Miller.To contact the reporter on this story: Christoph Rauwald in Frankfurt at firstname.lastname@example.orgTo contact the editors responsible for this story: Anthony Palazzo at email@example.com, Elisabeth BehrmannFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- After four years of hype, Porsche has debuted the Taycan electric car.The four-door sedan is the first all-electric vehicle from the Stuttgart, Germany-based automaker. (Although its founder, Ferdinand Porsche, built hybrid-electric “electromobile” cars under his own name as early as 1900.) The first models in the new series are the $185,000, 750-horsepower Taycan Turbo S and the $150,900, 670-horsepower Taycan Turbo. View this post on Instagram A post shared by HANNAH ELLIOTT (@hannahelliottxo) on Sep 4, 2019 at 6:34am PDTRange was announced as 450 kilometers, or 279 miles, which is less than that of the latest Tesla Model S. Less powerful—and likely less expensive—variants of the all-wheel-drive cars will follow later this year: The first big derivative, called the Taycan Cross Turismo, will arrive at the end of next year. “We know we need to continue evolving, because the world around us is evolving,” said Klaus Zellmer, head of Porsche North America, at the debut on Sept. 4 in Niagara Falls, Ontario. “In the automotive industry we will see more change in the next five years than we have seen in the past 50.”Read more: Porsche Unveils Its First-Ever Electric CarRoughly 200 journalists and invited guests gathered at the site—known for hydroelectric power—for the unveiling on Wednesday morning, which occurred simultaneously with mirror events at a solar farm near Berlin and a wind farm near Shanghai. “The future is electric, whether you want it or not,” Zellmer said.The 2020 Porsche Taycan represents the biggest investment Porsche has ever made in a new model, Zellmer said, incorporating funds from $6.6 billion the company has devoted to making electric vehicles at a new factory in Stuttgart. It benefits from the additional $2 billion that parent group Volkswagen AG spent to build the Electrify American program, a VW subsidiary that owns and maintains a national network to charge electric vehicles. Roughly $800 million of that sum will be used to build an electric network in California alone.It also spells the birth of an entire third appendage to the Porsche portfolio, adding battery-electric vehicles (BEVs) to the existing roster of combustion engine and hybrid-motored vehicles, such as the Cayman, Macan, Panamera, and 911. After the Taycan Cross Turismo electric car, there will be a fully electric Macan, Zellmer said: “By 2025, more than 50% of all Porsche vehicles sold worldwide will have a plug.” Same, but DifferentThe 2020 Porsche Taycan looks much like the Mission E Concept that debuted at the Frankfurt Motor Show in 2015, with some notable changes. It has lost the suicide doors, futuristic disc wheels, and rear definition that the concept had, mainly due to safety regulations and concerns, said Chad Bass, Porsche’s manager of E Performance. With seating for four and a trunk big enough to hold two large golf bags, the current iteration looks most similar to the $86,300 Panamera sedan.It has two electric motors, one at the front axle and one at the rear axle, that allow the Taycan Turbo S to go from zero to 60 mph in 2.6 seconds, while the Taycan Turbo can do it in 3 seconds. Both times equal, but do not beat, times posted by Tesla’s Model S. Top speed for both is 161 mph. But don’t let the “Turbo” name fool you. The Taycan is not turbocharged. Porsche is using the term “Turbo” for branding only, since an actual turbocharger is a device driven by an engine’s exhaust gas that forces compressed air into a combustion chamber to enhance efficiencies in internal combustion engines—not in electric motors. “For Porsche, the Turbo name represents a brand, the top tier of our performance vehicles,” Calvin Kim, a Porsche spokesman, said in an email. “As the new Taycan Turbo and Turbo S represent the top tier of the Taycan family celebrating its world premier today, we believe it deserves the title.” Under the hood and chassis, Taycan packs adaptive air suspension, rear-wheel steering, and four drive modes. Those include “Normal,” “Sport,” “Sport Plus,” and “Range.” An individual system can also be configured according to preferences. Unlike other electric cars that operate in one gear, the Taycan has a two-speed transmission, allowing it a quicker acceleration rate and then, in second gear, to maintain efficiency and power while traveling at high speeds better than a typical single-gear configuration would. The Taycan will also be the world’s first production vehicle with a system voltage that can charge with 800 volts, instead of the commonly used 400 volts for electric cars. That means that under ideal conditions (not fast driving, not running the AC), the time to get from 5% to 80% charged will be 22.5 minutes. The 800-watt chargers are part of Porsche’s plan to afford easy charging to all Taycan owners. Each Porsche dealership and experience center will offer quick-charge stations, and each Taycan owner will receive three years of free charging on the Electrify America network. Inside, most of the conventional buttons and knobs found in previous Porsches have disappeared in favor of an almost totally touch-controlled dashboard and center console. The main instrument cluster is a curved, 16.8-inch screen with a small touch-control field at the edges to alter light and chassis functions.Drivers can choose among four display modes for the configurable cluster, including “Classic,” which is reminiscent of traditional Porsche gauges (minus the tachometer), and “Pure,” which simply displays such essential information as speed and route guidance.There's also a 10.9-inch infotainment system with customizable home screen and an angled 8.4-inch touch panel with handwriting recognition to control things such as the climate inside the cabin. The Porsche Taycan will be the first car ever to come with Apple Music built directly into the car’s entertainment system.In the rear of the cabin, a 5.9-inch touch control panel directs climate and audio zones. Interior trimming materials made sustainably from recycled polyester fibers and floor coverings and from old fishing nets are available.The First of Many ElectricsAt a private event on Tuesday evening, before the debut in Canada, Zellmer showed a film comparing the the Porsche line’s introduction of electric technology to when the company first introduced turbocharging to such endurance racing cars as the 917 and later, the 930 production car. Electrification of the Porsche line is a calculated risk, an announcer said, but the company thrives on the challenge.“Taycan is a turning point for Porsche and the entire automotive industry as it raises the technical bar for EVs beyond Tesla,” said Michael Dean, a senior automotive analyst for Bloomberg Intelligence, in his latest report on the company. Porsche is using the Taycan to break into the all-electric segment slightly differently than did such competitors as Audi and Jaguar, which chose to attack Tesla’s dominance with their own all-electric SUVs, the e-Tron and i-Pace, respectively. Porsche, on the other hand, opted to jump into the all-electric market in the form of a four-door sedan. (It debuted the 918 hybrid supercar in 2013 and Cayenne hybrid SUV in 2014, but Taycan is the first modern Porsche vehicle that is all-electric.) “The Taycan should achieve a rare feat for a first-generation BEV and be profitable from launch, given Porsche's proven pricing power, albeit at vastly reduced margins as compared with gas-powered models, in our view,” Dean said. Reportedly all 10,000 of the Taycan units allocated to North America have already sold, with an additional 10,000 to 20,000 slated for the rest of the world. None have been allotted to the Porsche car-sharing program, Porsche Password. Perhaps the biggest question regarding the triumph of the new vehicle is how it compares to its closest competitor, the Tesla Model S. The pre-eminent electric sedan—with a price range from $79,990 to well over $100,000—Model S has set the bar as the first and best option for a luxury-level electric sedan. It has a total equivalent of from 417 horsepower up to 762hp and an all-electric range of up to 370 miles. The Taycan’s pricing, however, will start in a higher category than that of the Teslas: $185,000 for the Taycan Turbo S and $150,900 for the Taycan Turbo. Zellmer said that 50% of the people who have reserved a Taycan are new to the brand, with the most conquests coming via Tesla owners. The biggest switch from the other half of the Taycan reservers are those who own the 911. Porsche brass have downplayed the likelihood that Taycan would cannibalize sales of the Panamera sedan, which accounted for less than 10% of all the brand’s sales globally last year. (By contrast, the Cayenne and Macan SUVs comprise more than 60% of all Porsche sales.) Since the Taycan offers blinding speed and the aura of the new fancy thing, consumers may wonder why they should buy the more ubiquitous Panamera at all, especially in the hybrid versions.“People will want combustion engine cars for a long time,” Bass said, adding that he did not foresee the Taycan taking a big chunk of Panamera sales. The debut came a week after Porsche announced it had set a record-breaking lap of 7 minutes, 42 seconds for a four-door electric vehicle at the Nuerburgring race track in Germany. The Tesla Model S has not publicly attempted that record. Deliveries to the United States will begin in early 2020. To contact the author of this story: Hannah Elliott in New York at firstname.lastname@example.orgTo contact the editor responsible for this story: Chris Rovzar at email@example.comFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The Porsche Taycan, the German automaker's first all-electric sports car, has arrived. After four years of development, the company lifted the veil Wednesday on the Porsche Taycan. September 2015: Porsche unveils the Mission E at the Frankfurt International Motor Show.
On Wednesday, in three simultaneous events in Canada, China and Germany,Porsche finally introduced the world to the vehicle that has been more thanfour years in the making
The Porsche Taycan is set to be unveiled later today. The model is expected to be a competitor to Tesla's Model S, joining a long list of "Tesla killers."
Porsche has unveiled its first all-electric sports car, the first mainstream battery vehicle from a performance brand seeking to challenge the dominance of Tesla in the premium market. The Taycan will spearhead the luxury end of a €50bn electric push by parent company Volkswagen, which is seeking to banish memories of its diesel cheating scandal by embracing electric technology. VW, the world’s largest carmaker with an array of brands from Seat to Audi and Bentley, wants a quarter of its vehicles to run on battery power by 2025.
Porsche is expanding two on-demand subscription programs to several more U.S. cities and into Canada. The German automaker announced Thursday it will expand to Las Vegas, Phoenix, San Diego and Toronto its monthly subscription program Porsche Passport and its shorter-term Porsche Drive plan. The expansion suggests that Porsche's experimentation with subscriptions has attracted enough new customers to warrant taking it on the road.
Ferdinand Karl Piech, Volkswagen AG's former chairman and chief executive, who transformed the German company from a struggling midsized carmaker into a global automotive powerhouse, has died, his wife said in a statement. Piech, 82, who had 13 children by four different women, died suddenly on Sunday, his wife Ursula said. A brilliant engineer, Piech turned around VW after betting on a modular construction technique which allowed Audi , Skoda and VW brands to share up to 65% common parts, helping Volkswagen Group, the world's largest carmaker by sales, to attain greater economies of scale.
Porsche has taken the wraps off the interior of the all-new, all-electricPorsche Taycan ahead of its world debut September 4
German sports car manufacturer Porsche was part of a $19 million Series A round of investment in Israeli startup TriEye. About 80 percent of severe road accidents happen in low visibility conditions, which TriEye believes it can tackle through its semiconductor design that makes low-cost short-wave-infrared (SWIR) sensing technology possible at economies of scale. The commercial realization of fully AVs hinges precariously on the ability of the stakeholders to get the technology behind it right and at a price point that is reasonable enough for an above-average consumer, at the very least.