Porsche to Invest in Israeli Auto-Tech Industry

Porsche
AP/Jae C. Hong

The Algemeiner reports: JNS.org – German automaker Porsche announced on Thursday it will invest tens of millions of euros in Israeli auto-tech startups, following a trend by US automakers including Ford Motor Co. and high-tech firms like Intel heavily buying into Israel’s emerging self-driving car market.

“Israel is a top market for IT experts and engineers,” Lutz Meschke, deputy chairman and CEO of Porsche, said. “Per capita there are more start-ups there than in any other country in the world. This talent and technological know-how combined with the deep expertise of our employees is the ideal breeding ground for future-oriented business models.”

Porsche will open a permanent office in Israel, where its representatives will seek out innovative auto technologies for integration into the carmaker’s projects.

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