Porsche to Build Electric Sports Car to Rival Tesla Motors Inc (TSLA)

Porsche Mission E
Source: porsche.com

Porsche made a commitment to build its first-all electric sports car with the ability to recharge in 15 minutes and faster than its existing Porsche 911 sports car. The German automaker is seen to become a strong competitor of Tesla Motors Inc (NASDAQ:TSLA).

Porsche allocated €1 billion or $1.09 billion for the Mission E Project for the production of 100% electrically-powered sports car. The project is part of the company’s initiative to return to sustainable growth.

The company already created 1,000 new jobs at its main site at Stuttgart-Zuffenhausen, and it is expanding its engine factory to produce electric mothers. Porsche will also build a new assembly plant and paint shop over the next few years.

Porsche Mission E sports car

Porsche presented its Mission E car concept at the Frankfurt International Motor show in September. The company’s all-electric, four-door sports car has four individual seats with a system power output of more than 440 kW (600 PS). The sports car can achieve an acceleration of 0 to 100 kph in less than 3.3 seconds and a range of more than 500 kilometers. The Mission E charges via a specially developed 800-volt charger unit, more powerful than the existing quick-charge system.

The Mission E all-electric sports car’s acceleration is better than the Porsche 911 with acceleration of 0 to 100 kph in 4.2 seconds. Tesla’s Model S accelerates at 2.8 seconds at 0 to 60 mph (96.5 kph) and it is integrated with an autopilot feature.

The new all-electric sports car will complement Porsche’s line up including the 911, the smaller Cayman sports car, the Boxter roadster, the four-door Panamera coupe, and the Cayenne and Macan sport utility vehicles.

Porsche already sold out its high-performance 918 Spyder, a plug-in hybrid super car. The company limited the production of the sports car to maintain exclusivity.

Porsche determined to take the challenge in electric mobility

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

On the other hand, the Dr. Oliver Blume, Chairman of the Executive Board of Porsche, said they are determined in taking the challenge of electric mobility. He added that the company remained true to its philosophy of offering customers with the “sportiest and technologically most sophisticated model” in the electric sports car segment.