Porsche AG Sets More Ambitious Electric Vehicle Target

Luxury sportscar maker Porsche AG, which parent Volkswagen 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.

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 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.

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

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