Porsche committed to making its first all-electric vehicle, taking on Tesla Motors with a model that’s set to accelerate faster than the German company’s 911 sports car and recharge in 15 minutes.
Porsche green-lighted a $1.09 billion project to produce the battery-powered sports car, which will be manufactured near division headquarters in Stuttgart and create 1,000 jobs, the Volkswagen unit said.
The model, based on the low-slung Mission E concept unveiled in September at the Frankfurt auto show, will enter showrooms at the end of the decade, it said.
“With Mission E, we are making a clear statement about the future of the brand,” chairman Wolfgang Porsche said in the statement.
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