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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:

Mark Webber hospitalized as Porsche takes first WEC victory, Toyota wins championship [UPDATE]

It was a mixed bag for the Porsche team at the 6 Hours of Sao Paulo this weekend – the last race of its first season in the FIA World Endurance Championship. On the one hand, the German team took its first win since launching its LMP1 effort at the start of this season. On the other, its star driver suffered a massive crash that left him in the hospital. The crash occurred with less than half an hour to go when Mark Webber, who was running sixth in the #20 Porsche 919 Hybrid, lost control at Turn 14 at the Interlagos circuit – the same spot where he crashed his Jaguar F1 car during the 2003 Brazilian Grand Prix – and crashed tail-first into the barrier. Both Webber and Matteo Cressoni (driver of the #90 Ferrari 458 Italia with which Webber collided) were evacuated to the trackside medical center and were then taken to the nearby Hospital Bandeirantes. Both were reportedly conscious throughout but are undergoing further testing, described as being in "satisfactory" condition by the FIA medical official on the scene. The occurrence of the crash so close to the end of the race, and the time it took to clear the wreckage, meant there was not enough time for a restart, so the race was completed under the safety car. But when the field did cross the finish line, it was the #14 Porsche 919 Hybrid driven by Romain Dumas, Neel Jani and Mark Lieb that took the checkered flag – marking the first time that Porsche has won an endurance prototype race since 1989. Of course, that solitary victory was not enough for Porsche to take the title, which went to the Toyota TS 040 driven by former F1 drivers Sebastien Buemi and Anthony Davidson, who finished the race in second place ahead of the Audi R18 E-Tron Quattro driven by the retiring Tom Kristensen and his co-pilots Lucas di Grassi and Loic Duval. Top honors for the season in LMP2 went to Sergey Zlobin for SMP Racing in the Oreca-Nissan, while Ferrari took the GT title. UPDATE: Mark Webber released the following statement on his condition: "I'm quite sore this morning, am pretty bruised and have got a stinking headache. I've got no recollection of the accident or how it happened. The team is looking into the details to find out more.

Porsche recalls new 911 models over exhaust pipe issues

Porsche, though the National Highway Traffic Safety Administration, announced a voluntary recall on about 2,200 911 Carrera and Carrera 4 models built during the 2012 and 2013 model years. On cars equipped with the standard exhaust system it was found that the tailpipes could separate from the mufflers and become dangerous road debris; models that added the optional sport exhaust system are not included in this recall.
Affected vehicles were built between March and November of last year, but there have been no reports of the problem on any customer-owned vehicles. Porsche first noticed a cracked tailpipe weld on a test vehicle back in May, and since then has found similar problems on other internally owned vehicles, all with more than 25,000 miles on the clock. To fix the problem, dealers will be replacing the mufflers. Scroll down to read the official notice.