Porsche, will increase in its investments in startups with a focus on Blockchain and Artificial Intelligence (AI) by around $176 million over the next 5 years, according to a company press release published September 25.
According to the press release, the automobile company says that the objective of this Investment is to gain access to trends, new technologies and business models. Specifically, will invest in companies that are in an early stage or growth stage that relate to "customer experience, mobility and digital lifestyle" as well as future technologies including blockchain, AI, and virtual and augmented reality.
Meschke, deputy chairman and member of the executive board for finance and IT at Porsche AG, says that in order to continue bulding on the success that they have enjoyed over the past few years, they must fundamentally change their business model.
“To continue building on the success that we have enjoyed over the past few years, we must fundamentally change our business model. Porsche has always been among the pioneers of the automotive industry. To date, innovation has been driven to a large degree by technology and with strong links to our current core competencies.
The idea of implementing blockchain in the development of its vehicles is not new to Porsche, as they have been exploring the field with XAIN, a German startup that specializes in blockchain technologies for the mobility sector.
