Porsche AG sets more ambitious electric vehicle target

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Porsche Taycan is displayed at a car show in Oslo, Norway, November 10, 2021. Picture taken November 10, 2021. REUTERS/Victoria Klesty/File Photo

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FRANKFURT, March 18 (Reuters) - Luxury sportscar maker Porsche AG, which parent Volkswagen (VOWG_p.DE) could float in a partial stock market listing later this year, on Friday set out a more ambitious sales target for electric vehicles.

More than 80% of newly sold Porsche vehicles will be fully-electric in 2030, Porsche AG Chief Executive Oliver Blume said at the group's annual press conference.

That target previously applied to Porsche's electrified models overall, which also includes plug-in hybrids.

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Porsche AG also stuck to its long-term target of an operating margin of at least 15%, finance chief Lutz Meschke said.

Volkswagen and its top shareholder Porsche SE (PSHG_p.DE) struck a framework agreement for a potential partial listing of Porsche AG, which could value the division at up to 90 billion euros.

Such a listing would include listing up to 25% of Porsche AG's preferred stock, selling 25% plus 1 ordinary share in the carmaker to Porsche SE and paying out 49% of IPO proceeds to Volkswagen's shareholders as a special dividend. read more

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Reporting by Christoph Steitz and Ilona Wissenbach; Editing by Kirsten Donovan

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