Porsche announced two upcoming EVs at its earnings event today and revealed that it achieved record earnings during 2022.
Porsche has had a lot of great news to deliver to investors since its IPO late last year. Following Porsche’s IPO, the brand doubled down on its electrification strategy with the announcement of the Macan EV and has even become the most valuable automaker in Europe. Today’s earnings announcement was, luckily, more good news. The German brand announced that it had achieved record earnings in 2022 and revealed two new EV models, a Porsche Cayenne EV and an unnamed EV SUV placed above the Cayenne.
While some of Porsche’s EV projects, including the Macan and 718 EVs, have become well-known, little has been said about the premium automaker’s largest offering, the Cayenne. And sadly, other than the brand confirming its existence and its post-2025 launch date, very little was released. Porsche stated that the vehicle would be based on its SSP platform, but even the platform’s details remain under wraps.
The second EV Porsche announced is described as “positioned above the Cayenne,” which will likely be a larger and more luxury-oriented product compared to the Cayenne. This vehicle could compete with upcoming Land Rover EVs, an EV Cadillac Escalade, or other massive three-row electric SUVs. The release date of this second SUV was not specified, but it will likely follow the introduction of the Cayenne EV in the second half of this decade.
More details are known about the smaller upcoming electric Porsche offerings, including the Macan EV coming in 2024 and the 718 EV coming in 2025. With the details about these vehicles, estimating the specifications for both upcoming electric SUVs may be possible.
Due to the sheer size of the Cayenne and its upcoming bigger brother, we can anticipate the batteries to be used to swell well above the 100kWh size found in the upcoming Macan. Furthermore, with such massive vehicles, both will likely be offered with dual motor drive trains as a minimum, with tri or quad-motor variants potentially being used for higher trim “Turbo” versions. Finally, along with their eye-watering curb weights, many anticipate both vehicles to have jaw-dropping price tags, matching or exceeding the price of the current gas-powered Cayenne.
Outside of the announced EVs, Porsche had more good news for investors. Not only had the brand achieved record earnings, but also a record profit margin of 18%. Europe’s most valuable car maker will aim for a profit margin of 20% in the coming years. Following this good news, Porsche is considering implementing a dividend of 1 euro per share or 1.01 euros per preferred share.
Thanks to the SUV market’s sheer size and the Cayenne platform’s previous success, there is no wonder Porsche is looking to electrify it next, especially as it aims for 80% EV sales by 2030. However, by the time Porsche gets these vehicles to dealer showrooms, it remains unclear what the market landscape will look like. Hopefully, these products can continue to lure Porsche buyers and help the performance brand become more sustainable in the coming years.
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Lifestyle
Tesla makes the cut on California’s newest EV Rebate program
California just signed a $270 million EV rebate into law and it starts this summer.
California Governor Gavin Newsom signed SB 168 into law on Monday, July 13, 2026, creating a $270 million EV rebate program that delivers money directly at the dealership rather than as a tax credit applied months later. The program, called MyFirstEV, is funded equally by California’s state budget and participating automakers, with each contributing $135.5 million to make the math work.
The timing is directly tied to the loss of federal support when the $7,500 federal EV tax credit ended, removing the most significant consumer incentive that had driven EV adoption in the U.S. California, which accounts for roughly one-third of all EVs sold nationally, moved to fill that gap with a state-level replacement.
The rebate structure is straightforward. First-time EV buyers can receive $3,500 off any new battery-electric vehicle with an MSRP up to $50,000. Used EVs priced at $25,000 or below qualify for a $1,750 rebate. The credit is applied at the point of sale, which removes the friction of the old federal system where buyers had to wait for tax season to see the benefit. The program goes live later this summer, with the California Air Resources Board expected to release full participation details next month.
California hits Tesla Cybercab and Robotaxi driverless cars with new law
For Tesla buyers, the implications are mixed. The Tesla Model 3 RWD at $42,490 and the Model 3 Long Range at $47,490 both fall under the $50,000 cap and would qualify for the full $3,500 rebate for first-time buyers. The Model Y, which starts at $44,990 after Tesla’s recent price adjustment, also qualifies. The Model X, Model S, and Cybertruck all exceed the cap and receive no benefit. As Teslarati has reported, the program also includes a carve-out exempting California-based automakers like Rivian and Lucid from the price cap entirely, a provision that puts Tesla at a disadvantage since it relocated its headquarters to Texas in 2021.
Other qualifying vehicles include the Chevrolet Equinox EV, Ford Mustang Mach-E, Hyundai Ioniq 5, Kia EV6, and Volkswagen ID.4.
The Tesla Semi is entering a new Pilot Program with Paper Transport, LLC (PTI), a Wisconsin-based transportation provider. The company will test the Semi’s Long Range configuration through “dedicated operations within the Chicago market.”
Chicago presents an interesting challenge for the Semi, as it will be a colder-weather climate that will test the Semi’s ability to operate in lower temperatures and in potentially large accumulations of snow. This is something Tesla has been testing with the Semi in Alaska and even in Northern California during the colder months, but Chicago will present a truly tough midwestern winter.
Tesla Semi spotted on journey home after winter performance testing
PTI says it is using the Semi to evaluate its strategy of reducing transportation emissions while maintaining performance, reliability, and cost efficiency. These are major arguments for the Semi being introduced into new fleets.
CEO of PTI Tyler Ellison said:
“PTI has been a leader in sustainable transportation solutions for over 15 years. We take a consultative approach to helping customers identify and implement the right transportation solution for their network. Our partnership with Tesla expands our portfolio alongside renewable natural gas and intermodal, giving customers more ways to reduce Scope 3 emissions without compromising service or economics.”
PTI is far from the first company to adopt the Semi within a fleet, as Tesla entered strategic agreements with PepsiCo. and its subsidiary Frito-Lay for a Pilot Program that extended throughout the California region.
Tesla has let companies like those utilize the Semi to determine whether it would be suitable for their operations. Additionally, Tesla gets valuable information regarding the Semi’s performance, knowing what to improve and what is ideal for companies that will utilize the all-electric truck for regional and nationwide logistics.
PTI plans to utilize the Long Range configuration, which is priced at $290,000 and features a range of approximately 500 miles, a three-motor powertrain, up to 800 kW of drive power, and consumption of just 1.7 kWh per mile.
Tesla Semi pricing revealed after company uncovers trim levels
VP of Maintenance at PTI, Bryan Ellen, added:
“We are excited to partner with Tesla, leveraging their ever-evolving technology. We are bullish in our estimation of the parallels available between our dedicated model and the efficiency of their fully electric Class 8 tractor. We anticipate a growing synergy between our businesses as we work to facilitate this sustainable solution for our customers.”
PTI has logged more than 87 million miles using sources like compressed and renewable gas, but now is looking to take it a step further with fully electric operations.
Tesla revealed on Monday that it is building a new autonomous vehicle at Gigafactory Texas, its plant just outside of the City of Austin. This particular vehicle will be geared toward those who are in need of a wheelchair-accessible car that would require no human driver for operation.
According to a new report from Wired, Tesla’s Senior Policy Advisor, India Herdman, told members of the Washington D.C. City Council on Monday:
“We are in development for a purpose-built, wheelchair-accessible autonomous vehicle. We know that paratransit can be very difficult, and people who are confined to wheelchairs permanently should still be able to move around freely, so that is an active product being built by Tesla in Texas.”
This builds upon what CEO Elon Musk said last year on X, which confirmed the company was working on accessible rides within its Robotaxi platform, which currently is confined to the Model Y.
Absolutely
— Elon Musk (@elonmusk) September 19, 2025
Tesla is also developing the Cybercab, which started employee rides last week. However, this vehicle is not necessarily geared toward wheelchair accessibility.
That leaves a major gap in the autonomous ride-sharing program that Tesla is attempting to build; the company has been pretty clear that it does not want to complicate its manufacturing lines by bringing in a wide array of body styles.
However, it seems necessary to have something larger that could help transport people to appointments when they cannot drive. For wheelchair accessibility, the Robovan, which was unveiled at the “We, Robot” event in October 2024, seems to be the most ideal solution:
Herdman did not indicate whether she was referring to the Robovan or if Tesla is building yet another body style that is geared toward full autonomy but also caters to the handicapped.
Tesla might need to develop something specifically for the handicapped in order to align with the Americans with Disabilities Act, which prevents discrimination against people with disabilities in transportation services. Uber was hit with a lawsuit late last year for “refusing to reasonably modify its policies, practices, or procedures where necessary to avoid discriminating against riders with disabilities.”
Tesla would obviously like to avoid this.
It will be interesting to see what Tesla will do with this project, and whether it will introduce something new to the market or just continue with the Robovan.
Tesla makes the cut on California’s newest EV Rebate program
Tesla Semi enters new Pilot Program with interesting challenge
