FRANKFURT/BERLIN Porsche (VOWG_p.DE) does not plan to join luxury carmakers who are trying to develop self-driving vehicles, its chief executive told a German newspaper, indicating differences between large premium brands and sports car companies.
Lamborghini, also part of the Volkswagen (VOWG_p.DE) group, has expressed similar scepticism about the trend towards autonomous driving, a concept which brands such as BMW (BMWG.DE) and Mercedes-Benz (DAIGn.DE) are seeking to build into their models.
The comments from Porsche Chief Executive Oliver Blume show that some car makers believe their drivers want to remain firmly in control at the wheel.
"One wants to drive a Porsche by oneself," Blume said in an interview with regional newspaper Westfalen-Blatt published on Monday.
"An iPhone belongs in your pocket, not on the road," Blume added, saying that Porsche did not need to team up with any big technology companies.
The market penetration of vehicles with autonomous features is expected to reach 13 percent by 2025, representing a market of roughly $42 billion, Boston Consulting Group said.
Stuttgart-based Porsche, which stresses the performance and feel of its cars in its marketing, does plan to offer hybrid versions of all its models in the foreseeable future as it struggles to lower emissions across the fleet.
A plug-in hybrid of the 911 model with a range of 50 km (31 miles) will hit the market as early as 2018, Blume said.
Porsche also plans to spend about 1 billion euros ($1.1 billion) on production facilities at its biggest plant to build the Mission E, its first-ever all-electric model, a move reflecting parent VW's growing commitment to increase its electric offerings as it struggles to overcome an emissions scandal.
The Mission E, boasting more than 600 horsepower and a range of over 500 km, will come to market by the end of the decade.
(Reporting by Maria Sheahan, Andreas Cremer and Edward Taylor Editing by Louise Heavens and Keith Weir)
Icahn denies attempt to sell Herbalife stock, buys more shares
Carl Icahn said he did not attempt to sell his Herbalife Ltd stake, and had instead bought more shares in the health supplements maker, rejecting hedge fund manager Bill Ackman's claim that he had been offered some of Icahn's shares.
Caesars must face $11 billion in lawsuits: U.S. judge
CHICAGO Caesars Entertainment Corp must face lawsuits from bondholders seeking some $11 billion in claims, a U.S. judge ruled on Friday in a decision the casino company had warned could plunge it into bankruptcy alongside its operating unit.
St. Jude says report by short sellers 'false and misleading'
Medical device manufacturer St. Jude Medical Inc said on Friday a report by short-selling firm Muddy Waters and a cyber-security researcher alleging its heart devices were riddled with bugs was "false and misleading."