Atlanta, June 07, 2022 (GLOBE NEWSWIRE) — Porsche is expanding its venturing network by collaborating with UP.Labs, a new model for fostering innovative start-ups. The Stuttgart-based sports car manufacturer has agreed with the US company on a three-year cooperation aimed at establishing six companies from 2023 to 2025 with new business models in various areas of mobility.
The startups’ focus will revolve around Porsche’s core activities. For example, these could involve predictive maintenance, supply chain transparency or digital retail. Porsche is investing a sum in the double-digit millions for this purpose. The startups will be minority owned by Porsche, with the option to purchase them entirely after three years. Development is already underway for the first two startups, to be founded before the end of 2022.
“We want to strengthen our existing, broad-based startup ecosystem with an external growth engine,” says Lutz Meschke, Deputy Chairman of the Executive Board of Porsche AG and Member of the Executive Board for Finance and IT. “Through UP.Labs, Porsche secures access to international talents and their know-how. The aim is to further enhance Porsche’s position in the current transformation phase of the automotive industry in the long term. Above all, we strive for new sources of innovation.”
Porsche has been active since 2016 in identifying and taking stakes in around 40 startups with new business models and new technologies. What sets this new…
