Porsche will make an all-electric vehicle

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.

Bloomberg News

This story was originally published December 4, 2015 at 2:16 PM with the headline "Porsche will make an all-electric vehicle."