Porsche aims to establish six companies from 2023 to 2025 in place of UP.Labs as well as mobility.
The collaboration between Porsche and UP.Labs will allow the two companies to create startups suitable for the Porsche business and revolve around Porsche’s core operations. All startups will be minority-owned in Porsche and the automaker will have the option to purchase them entirely after three years.
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Work on the first two startups is already underway and both will be established before the end of 2022 For example, Porsche says startups will be involved in predictive maintenance, supply chain transparency or digital retail.
“We want to strengthen our existing, broad-based startup ecosystem with an external growth engine,” Lutz Meske, deputy chairman of Porsche AG’s executive board and member of the finance and IT executive board, told. “Through UP.Labs, Porsche ensures access to international talent and their knowledge The goal is to further improve Porsche’s position in the current transformation phase of the automotive industry in the long run. After all, we strive for new sources of innovation. “
UP.Labs is based in Los Angeles and has a $ 250 million venture capital fund that will invest in the companies it creates. Its team includes entrepreneurs, product leaders and technologists. Porsche will be the first integral partner of UP.Labs as companies seek to accelerate the future of mobility.
“The idea combines the advantages of developing a free startup in the marketplace – for example, through the participation of all employees in the success of a company – with the direct involvement of our employees and a close link with Porsche,” added Meshke. “As one of the pioneers of sustainable mobility, Porsche is actively looking for new solutions with courage and drive. UP.Labs’ vision combines Porsche’s ability with overseas market incentives to create exciting business models for the benefit of the company. “
