Porsche Set For First Electric Sports Car Ever; 'Mission E' To Cost One Billion Euros?

Porsche gave the green light for production of the company's first electric sports car "Mission E," which is scheduled to launch in 2020, according to Extreme Tech.

"The first 100% electrically powered Porsche is on its way," announced the German automaker in a statement. "It will be launched at the end of the decade." 

Porsche also announced an investment of one billion Euros on production facilities at its biggest plant, to be able to build the high-performance electric sedan, revealed Reuters.

The investment will create over 1,000 new jobs in Zuffenhausen, Germany, which is the manufacturer's base. A new assembly line and a new paint shop will build the battery-powered model.

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

Porsche hopes to stand out in performance and long range like the Tesla. The "Mission E" will run 300 miles a charge and has the ability to accelerate from a stop to 62 miles per hour in under three and a half seconds, reported USA Today.

The four-door sedan will have a total output of over 600 horsepower and an 800-volt charger that can deliver 80 percent charge in 15 minutes. The automaker also plans to build a wireless system beneath an owner's garage floor, shared iDigitalTimes.

"There will be a lot of Porsche (fans) licking their chops and sitting there and waiting for it," says Ian Beavis, a former auto marketing executive. He is also a chief strategy officer for consulting agency, AMCI Global.

The "Mission E" doubles as eye candy as well as a technological marvel. The car is designed to look like a sleeker and slimmer futuristic "911," shared the Daily News.

Tesla's CEO Elon Musk opened the electric-car maker's patents last year to attract more competitors to build overall market for electric-cars.