Luxury German car maker Porsche is investing close to a billion euros in its first 100% electrically powered model.
The project called 'Mission E' was described by Dr. Oliver Blume, chairman of Porsche's Executive Board, as the "beginning a new chapter in the history of the sports car."
The investment will mean 1,000 new jobs for the Stuttgart operation with the vehicle due to launch at the end of the decade.
The Mission E concept car was premiered at the Frankfurt International Motor Show (IAA) earlier this year. The four-door car with four individual seats has a system power output of over 600 hp (440 kW) which means that it will achieve both acceleration of 0 to 100 km/h in under 3.5 seconds and a range of more than 500 kilometres. Charged via an 800-volt charger unit specially developed for the car, which is twice as powerful as current quick-charge systems, the lithium-ion batteries integrated within the vehicle floor have enough power again for 8% of the range after just 15 minutes.
Dr. Wolfgang Porsche, chairman of the Supervisory Board of Porsche AG commented: "With Mission E, we are making a clear statement about the future of the brand. Even in a greatly changing motoring world, Porsche will maintain its front-row position with this fascinating sports car."