VW-owned Porsche to Build $1b Mission E All-Electric Sports Sedan Plant to Rival Tesla Motors

The German automobile manufacturer, Porsche, has recently decided to invest around 1 billion euros, or $1.09 billion, into production facilities at its largest plant in order to produce its first ever all-electric sports car. Porsche, the Volkswagen-owned manufacturer, will open up with more than 1,000 new jobs in Zuffenhausen in Germany at its base where a new assembly line and paint shop will be established in order to manufacture the battery-powered “Mission E” model.

"We are sending a significant sign for the future of the brand,"

said the chairman of the Supervisory Board of Porsche Automobile Holding SE, Wolfgange Porsche.

Porsche’s decision to invest in emissions-free drive technology is a reflection of parent company Volkswagen’s desires to increase the variety of its electric offerings as the company strives to overcome their emissions scandal. Analysts have suggested that Volkswagen’s disclosure regarding the rigging of diesel emissions tests could negatively impact the entire diesel vehicle industry.

The next generation of Volkswagen’s flagship luxury car, the Phaeton, will be electric and will focus on production platforms which are more capable long-range plug-in hybrids and electric vehicles. Porsche’s Mission E model will come with more than 600 horse power and will have a range of over 310 miles, or 500 km. This offering from Porsche will be competing directly with Tesla Motors, a company which has established itself as a pioneer in high-end electric sports cars.

The Mission E can go from 0 to 62 miles per hour in less than 3.5 seconds. The Mission E’s battery charges almost just as quickly, as it is equipped with an

"800-volt charger unit specially developed for the car, which is twice as powerful as today's quick-charge systems," said Porsche in its press release. "The lithium-ion batteries integrated within the vehicle floor have enough power again for 80 percent of the range after just 15 minutes."

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