Porsche's All-Electric Model Secures 30,000 Deposits Ahead Of Its 2020 Launch

Porsche Automobil Holding SE POAHF has received down payments from 30,000 customers in Europe for its first all-electric car Taycan, according to Reuters.

What Happened

Porsche’s CEO Oliver Blume told Germany’s Handelsblatt newspaper that the company’s first fully electric vehicle Taycan, unveiled in April, has already secured 30,000 down payments from customers in Europe.

The down payment figure has surpassed Porsche's expectations, told Blume to Handelsblatt. Each customer has made a deposit of 2,500 euros, while 10,000 customers already confirmed their Taycan orders, added Blume, according to Reuters.

The German automaker plans to market 20,000 Taycans in 2020. The company will begin shipping to U.S. dealerships this month.

Why It Matters

Porsche's Taycan could face fierce competitio in Europe’s EV market with Elon Musk’s Tesla Inc TSLA, which is building its first European 'giga' factory in Berlin.

Porsche is already attracting interest from a surprising amount of Tesla owners for its Taycan sports car, said the company’s head of North American operations, Klaus Zellmer, last week.

Tesla owners are the highest among non-Porsche owners showing interest in Taycan. “They currently drive a Tesla, they’re open to experiencing something new now,” Klaus said to CNBC.

Photo Credit: Alexander Migl via Wikimedia