Porsche is investing $24M into "e-fuels" as an alternative or supplement to electric cars. These fuels would be used with traditional engines but would be carbon-neutral. Their primary use would be to allow for the continued use of classic cars.
- Porsche is hoping to develop these fuels to continue producing the 911 and other cars with high-rev combustion or turbocharged engines.
- Porsche is working alongside Siemens, AME, and ENAP to develop these fuels. They plan to build an industrial-scale plant in Chile.
- It is estimated that 50% of all Porsches sold will have electric motors by 2025.
- Hyundai (005380.KS) Motor Group also announced plans to introduce an EV only "platform" early next year. The platform will use the automaker's own battery technology to cut production costs and time.
- Hyundai, along with its sister company KIA, has set a target of selling 1M EVs by 2025.