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Porsche will sacrifice profit growth to fund EV development

Porsche is so serious about developing electrified vehicles that it's willing to sacrifice big jumps in profits to fund the investment. After a massive upgrade to the Zuffenhausen plant, the company will build the Mission E EV (above) there in 2020. "Therefore it's clear that we can no longer carry out major leaps on results," the CEO Oliver Blume said about the automaker's financial growth, according to Reuters. Porsche will invest 1.1 billion euros ($1.2 billion) through 2020 to make additional electrified vehicles possible. Around 700 million euros ($765 million) will go into the Zuffenhausen factory to build a new paint shop, assembly plant, and upgrade the engine factory to produce electric motors for hybrids and EVs. The expansion will also bring all Cayman and Boxster assembly under one roof. Outside of Zuffenhausen, the money will improve the research and development center in Weissach and update the sales and marketing department in Ludwigsburg. Blume said Porsche has "many new products in the pipeline," according to Reuters, and he wants as many of those as possible available with some level of electrification. In addition to the Mission E, there are rumors the company might build a 911 plug-in hybrid as soon as 2018. While Blume doesn't forecast big jumps in profits, Porsche should still remain financially successful in the coming years. The automaker doesn't report its 2015 earnings until March 11, but Reuters reports the company's global deliveries topped 200,000 vehicles for the first time ever last year, which could push its operating profit well above 2014's 2.72 billion euros ($3 billion at current rates). Related Video:

Ferraris, Porsches and planes star at McCall’s Motorworks Revival

MONTEREY, Calif. – McCall's Motorworks Revival, sometimes called The Jet Party, kicked off vintage car week here as enthusiasts streamed into the region for days of car shows, official automaker events and hob-knobbing leading up to Sunday's Pebble Beach Concours d'Elegance. Held at the Monterey Jet Center, the revival featured an array of exotic and classic cars blended in with planes, racecars, motorcycles and luxury items like jewelry. This year the eclectic lineup of cars included vintage Ferraris and Porsches, a raised 1964 Chevy Impala, a classic Toyota Land Cruiser and a Cobra. The 1960s Ford GT40 racecar sat near the modern Ford GT, while Camilo Pardo, the designer of the in-between generation (2004-06), held court nearby. Iconic planes like the B25, P51 and an ancient biplane were intermingled with the flashy cars. Show-goers tipped drinks, tossed back heavy hors d'oeuvres and desserts, ogled the seemingly random collection of amazing machines and prepared for days of celebrating the automobile on the Monterey Peninsula. The revival is in its 26th year and is put on by McCall Events, whose owner Gordon McCall is a class judge at the concours and the cofounder another Monterey car week staple, the Quail. The revival also collects donations for a California police charity. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Featured Gallery McCall's Motorworks Revival 2017 View 29 Photos Image Credit: Copyright 2017 Drew Phillips / Autoblog.com Ferrari Lamborghini Porsche Coupe Motorcycle Luxury Performance Pebble Beach

Matt LeBlanc nearly runs over cameraman during Top Gear shoot

Matt LeBlanc almost caused a bad start to the new season of Top Gear when the former Friends star narrowly avoided running over a cameraman. The new host reportedly needed to take a few hours off afterward to get his head together, according to The Mirror. An unnamed Top Gear insider tells the British tabloid that the near tragedy happened while filming in South Africa last month. During a break in the action, LeBlanc decided to take a drive in a Porsche that the show was reviewing. What he didn't realize was that a cameraman was laying on the ground shooting static footage sports car. Another cameraman saw what was happening and got LeBlanc's attention to avert the crisis. "It was one of those instances where, if the tracking man and Matt had reacted even a few seconds later, it could have been really serious. Both of them appreciated what a lucky escape it was," the source told The Mirror. While everyone was okay, the incident reportedly left LeBlanc upset. He needed to take a few hours off to regain his composure and checked to make sure the cameraman wasn't injured. Top Gear announced LeBlanc as a new cast member in February, and welcomed him with a drive in a convertible Reliant Robin, which wore a Stars and Stripes paint scheme. The show's recent trailer highlighted more of LeBlanc's trip, and the car definitely had some problems. Top Gear returns in May to televisions in the UK. There's no word yet on a US premiere date. News Source: The MirrorImage Credit: Neil Mockford / Alex Huckle / GC Images Celebrities TV/Movies Porsche matt leblanc