German luxury carmaker Porsche is ramping up its rivalries in motorsports with the Mission R, an all-electric concept race car.
The Mission R prototype is the first representation of Porsche’s zero-emission road racing cars and has a price tag of $10 million. The car has a similar build to those used in Formula E, a single-seater motorsport championship that only uses electric cars.
Porsche competes in Formula E and the GT series — and like its competitors, it’s investing in EVs.
- Nissan announced its long-term commitment in March to the ABB FIA Formula E World Championship through 2026.
- In June, McLaren, the British carmaker and racing team, announced it will compete in Extreme E and will hit the road in 2022.
- Luxury carmaker and racing team Bentley plans to become carbon neutral by 2030 with hybrid editions coming by 2023.
- Lamborghini is spending $1.8 billion to develop hybrid cars and EVs, while Ferrari plans to offer them by 2025.
Porsche is considering an IPO to fund its move into electric models. Parent company Volkswagen AG is undertaking its own $87 million push into EV manufacturing and software.
In July, Volkswagen offloaded its minority stake in Bugatti to Porsche, giving its subsidiary 45% of the high-end brand. Electric luxury carmaker Rimac owns the remaining 55% of Bugatti.