Lee Min-hyung joined The Korea Times in 2014 and has worked as a journalist mainly in Korea’s finance, tech and automotive industry. He specializes in content creation, breaking news and in-depth analysis currently on transportation and mobility. You can reach him via mhlee@koreatimes.co.kr.
Porsche's Cayenne Electric makes debut in Korea
Porsche Korea CEO Mathias Busse poses with the Cayenne Electric SUV during a media event in Seoul, Thursday. Yonhap
By Lee Min-hyung
New electric SUV equipped with battery cell from LG Energy Solution
Porsche Korea unveiled Thursday the all-electric version of its flagship Cayenne premium SUV for the first time here, signaling the carmaker’s stronger push into electrification and a deeper alliance with local battery makers.
The luxury carmaker has high hopes for the Cayenne Electric with the market success of its mid-size SUV, which has long been considered one of the most highly sought-after luxury vehicles particularly for young customers here.
The all-electric Cayenne will be available for sale in the latter half of this year.
Porsche Korea expects the vehicle to serve as a major profit booster amid its rapid transition into electrification. The carmaker currently has two other all-electric lineups for sale here — the Macan Electric and Taycan. Porsche Korea has equipped all three of its electric vehicles with batteries from Korean firms.
“We feel very confident for having Korean batteries in all our Porsche electric models,” Porsche Korea CEO Mathias Busse told reporters during a press conference. “We are using battery cells from LG Energy Solution for the Cayenne Electric.”
The Taycan is also equipped with battery cells from the LG affiliate. Starting this year, the carmaker has changed battery cells for the Macan Electric from China’s CATL to Samsung SDI.
Porsche Korea's Cayenne Electric SUV is displayed during a launch event in Seoul, Thursday. Yonhap
Buoyed by the solid sales of its electric lineups, Porsche Korea has achieved strong earnings growth last year. The carmaker sold a total of 10,746 vehicles last year in Korea, up 30 percent from the previous year. This is the second highest figure in the company's history.
The head of Porsche Korea expressed confidence that sales from the Cayenne Electric can drive the company's continuous winning streak this year.
“The foundation for the Cayenne SUV is very strong in Korea, and the trust from local customers is also super strong,” he said. “Against the backdrop, the Cayenne Electric is the perfect fit to the Korean market, as the Cayenne is obviously our most successful car in recent years in the history of Porsche Korea.”
Korea was ranked fifth in terms of the number of vehicle sales for Porsche last year, making the market more and more strategically important for the carmaker's business in Asia. By the number of sales for all-electric cars, Korea came in sixth for Porsche during the same period.
The Cayenne Turbo Electric produces up to 1,156 horsepower and can accelerate from zero to 100 kilometers per hour in just 2.5 seconds. The vehicle is also equipped with a 113-kilowatt-hour high-voltage battery based on cells supplied by LG Energy Solution.
“We will focus on expanding our electrified portfolio here, elevating brand experiences and strengthening our nationwide network with a strong emphasis on qualitative growth,” Busse said.