German luxury carmaker Porsche will spend 1.1 billion euros to upgrade its production and research facilities in Germany for more models.
The carmaker is building a new engine plant and body shop in its facility, situated at Zuffenhausen, Germany. This facility will start producing the Cayman models, Porsche 911 and Boxster models, in 2016, which is currently made by VW.
This investment is a part of safeguarding jobs at Zuffenhausen, the R&D centre in Weissach and at sales operations in Ludwigsburg. The company currently has around 13,000 people working, according to a labour official.
According to Chief Executive Matthias Mueller, "Porsche is facing great challenges like all carmakers. That's why we examine and improve all processes and set the future course in time."
Porsche, which is currently owned by Volkswagen has plans to manufacture a new car which is to roll off the production line by 2020, is still to finalize the vehicle. It will be the company's seventh model.
The company has plans to sell 200,000 cars this year, which is a first. Powering Porsche's sales mainly is the Macan compact sport-utility vehicle.