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Porsche to double investment in electric cars by 2022


The Frankfurt Am Main: Spanish high end sports car maker Porsche said today it would double buys of inspiring its complete range by 2022, as parent company Volkswagen behaves to environmental scandals and new difficulties from in another country.

The Stuttgart-based firm said it would spend more than EUR6 billion ($7.5 billion) in expanding hybrid and battery-powered automobiles within the coming five years.

Porsche chief executive Oliver Blume told news company DPA that, despite the increased costs of creating electric vehicles, the luxury subordinate company would make an effort to uphold their operating margin of 12-15 percent within the long term.

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