Porsche's board of directors has approved the Mission E project for development and production. Aimed at the Tesla Model S, the Porsche Mission E electric sedan will be the German automaker's first fully electric vehicle.
The automaker will invest approximately 700 million euros ($759 million) and create more than 1,000 jobs in its Stuttgart-Zuffenhausen site to develop the Mission E. Site upgrades will include a new paint shop and assembly plant as well as production of electric motors.
First shown at the Frankfurt auto show in September, the Porsche Mission E will have a combined system output of 600 hp. The automaker claims 0-62 mph will come in less than 3.5 seconds and have a range of more than 300 miles. Porsche will also develop an 800-volt charger that is said to charge the floor-mounted lithium-ion batteries to 80 percent in 15 minutes. An in-floor coil set for wireless induction charge will be available.
"With Mission E, we are making a clear statement about the future of the brand," Dr. Wolfgang Porsche, Chairman of the Supervisory Board of Porsche AG, in a release. "Even in a greatly changing motoring world, Porsche will maintain its front-row position with this fascinating sports car."
The new Porsche Mission E fully electric sedan is scheduled to debut by the end of the decade.