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Porsche’s $7.4 billion electric car investment should worry Tesla – Business Insider

Porsche is going all in on electric cars.

The Stuttgart, Germany-based sports car giant announced on Monday its plan to spend €6 billion ($7.4 billion) by 2022 to develop a lineup of electrified cars.

Monday’s announcement doubles the €3 billion ($3.7 billion) electric mobility investment plan Porsche announced last year.

“We are doubling our expenditure on electromobility from around three billion euro to more than six billion euro,” Porsche AG chairman Oliver Blume said in a statement. “Alongside the development of our models with combustion engines, we are setting an important course for the future with this decision.”

More www.businessinsider.com/porsche-7-billion-dollar-bet-on-electric-cars-should-have-tesla-worried-2018-2

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