STUTTGART, Germany — A production version of the Porsche Mission E concept, the "first 100 percent electrically powered Porsche," will arrive at Porsche dealerships by the end of the decade, Porsche AG said late last week.
"The supervisory board of Porsche AG today gave the green light for the Mission E project," Porsche said in a statement.
Porsche will invest $1.09 billion in the project.
"With Mission E, we are making a clear statement about the future of the brand," said Porsche Chairman Wolfgang Porsche. "Even in a greatly changing motoring world, Porsche will maintain its front-row position with this fascinating sports car."
The 600-horsepower Mission E, which is equipped with two electric motors and lithium-ion batteries, has a range of more than 310 miles and comes equipped with an 800-volt charger unit.
The battery reaches 80 percent of capacity in about 15 minutes and can be "refueled" wirelessly by induction via a coil set into the garage floor.
The Mission E sprints from zero to 62 mph in under 3.5 seconds.
Pricing has not been announced.
Edmunds says: Car shoppers who don't want to wait for the production version of the Porsche Mission E have several good choices on the market right now. Besides the Tesla Model S, they include the BMW ActiveHybrid 7, Lexus LS 600h L and Porsche Panamera S E-Hybrid.