Porsche Taycan electric sports car tops 30,000 pre-orders

Tesla faces increasing competition

Tesla’s dominance in the luxury electric vehicle market looks set to be challenged in 2020 with veteran carmakers catching up.

Porsche’s chief executive Oliver Blume told German newspaper Handelsblatt that pre-orders for the Taycan, its first fully electric vehicle, have surpassed 30,000 in Europe alone.

This figure is the total number of €2,500 downpayments made. So far 10,000 firm orders have been placed.

Shipment of the vehicle to American dealerships will start this month with other markets to follow. In total the German manufacturer hopes to deliver 20,000 Taycans in 2020.

The car has an approximate range of 300 miles, a 0-60mph acceleration of 3 to 3.5 seconds and a price range between £83,300 ($109,700, €98,500) and £138,800.

Porsche will hope the Taycan can take on the Tesla Model S, which has a similar performance and costs between £92,300 and £77,700.

For years Tesla bears have argued that Elon Musk’s carmaker will not be able to compete once more established brands enter the electric vehicle market.

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Tesla’s share price is up on the year to date, having recovered from a 52-week low in June of $176.99 per share to stand at $352.70 by early-afternoon trading.

While Blume may be happy with 30,000 initial orders in Europe and plans to ship 20,000 Taycans in 2020, Tesla shipped 17,490 Model 3s to Europe in September alone.

With orders for Tesla’s Cybertruck topping 250,000 within a week of its launch, veteran car brands still seem to have their work cut out.

FURTHER READING: Tesla stock predictions for 2020 and beyond

FURTHER READING: Porsche digitalises car sales in Germany

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