In Brief According to Porsche's CEO, by 2023, half of the cars rolling off the company's production line will be electric. With this statement, Porsche joins other major automakers like Volvo and GM in betting on a future in which EVs are far more widely adopted.

Porsche CEOOliver Blumehas told Manager Magazin that up to half of the cars the company produces by 2023 will be electric.

According to The Drive, Porsches opening gambit in the bid will be the Mission E slated for release in 2019 followed by an electric crossover coupe, and then a new generation Macan crossover in 2022. The Macan will prove to be the make or break EV for the German car company, as its current gasoline incarnation is Porsches bestseller, with roughly 100,000 vehicles sold in 2016.

Porsche joins a growing number of car companies making ambitious plans totransition to electric in the coming decade. Volvo CEO Hkan Samuelssonsaid in a video on Twitter that the future of Volvo is electric, and to that end, the company plans to make every car off the production line either partially or entirely electricfrom 2019 onwards.

While no other carmaker has announced plans as ambitious as Porsche or Volvos yet, all major playershave or will soon have an EV on the market. General Motors has already released the Chevy Boltand plans to release 10 electric models in the Chinese market by 2020. By that same year, Ford has promised they will release an electric SUV, and Volkswagen saystheir I.D.will be hitting the roads in 2020 as well. Looks likes widespread EV adoption is just a few years away.

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Porsche's CEO Just Announced the Company's Big Plans to Transition to Electric Cars - Futurism