Porsche is working on its biggest vehicle yet. It will be an electric three-row SUV, which Porsche will position as a flagship model as part of a strategy to boost margins by focusing more on high-end segments.

The strategy, known as Road to 20, has the stated goal of increasing operating return on sales to more than 20% in the long term, up from 18% today. The SUV will be central to the goal.

Porsche CEO Oliver Blume first confirmed plans for the SUV last July, and he revealed new details on Monday during Porsche's annual general meeting where a teaser shot was shown.

He said the vehicle will feature Porsche's signature 911-inspired profile, referred to by the automaker as the Porsche flyline, but with a completely new concept for the interior and automated driving features.

Volkswagen AG CEO Oliver Blume

Volkswagen AG CEO Oliver Blume

He also said the vehicle will be based on the new SSP Sport platform, which Porsche is developing. The platform is expected to share elements with parent company Volkswagen Group's SSP platform, which will feature common battery cells and software systems across a wide range of vehicles from the automaker's diverse portfolio of brands.

The SSP Sport version is expected to feature technology previewed in Porsche's Mission R concept shown in 2021, including a high-performance battery, a 920-volt electrical system, and oil-cooled electric motors.

Production is expected to be handled at Porsche's plant in Leipzig, Germany, where the Panamera and Macan are built. The plant will also build the upcoming electric Macan compact crossover.

Porsche hasn't confirmed timing, but Blume on Monday said Porsche will launch the electric Macan in 2024 and an electric 718 sports car around 2025, after which the automaker will launch an electric Cayenne and then the flagship SUV. Porsche has previously hinted at a launch date for the flagship SUV around 2027, which suggests the electric Cayenne will arrive around 2026.