Porsche green lights its all-electric Mission E concept

Porsche will launch its Mission E electric concept at the end of the decade.

You might have to wait a few years to get behind the wheel of one, but the first all-electric Porsche is happening. The automaker announced that its Mission E, a concept first revealed at the Frankfurt Motor Show in September, will go into production. Porsche says that it'll invest 700 million euros (around $762 million) at its main site in Stuttgart-Zuffenhausen to help with the project. Among the renovations are a new paint shop and assembly facility alongside an expansion of the engine shop to build the electric motors and a larger body shop. In total, the company expects Mission E production to create 1,000 new jobs.

The Mission E sports some iconic Porsche styling in a four-seater that touts a range of over 500 km (310 miles). What's more, the vehicle's floor-mounted batteries can reach an 80 percent charge in 15 minutes. Porsche says that's twice as fast as current systems permit, driven by a 800-volt charger designed specifically for the car's 90 kWh battery pack. The Mission E can also be recharged "wirelessly" with an induction coil installed in the owner's garage floor.

In terms of power, the Mission E can hit 0 to 62 MPH in under 3.5 seconds and 124 MPH in less than 12 seconds. For comparison, Tesla's Model S P85D, which will be Porsche's chief competition, has a 253-mile range and can get to 60 MPH is 2.8 seconds in Ludicrous mode. Of course, Tesla has a sizable head start with its Model S already on the road and the German automaker's launch still a few years out. Porsche says the Mission E is a commitment to the future, and the future seems to include powerful all-electric sports cars.

"With Mission E, we are making a clear statement about the future of the brand," said chairman Dr. Wolfgang Porsche. "Even in a greatly changing motoring world, Porsche will maintain its front-row position with this fascinating sports car."