Porsche Plans One Billion Euro Investment in Electric Vehicle Development
MUNICH—Porsche announced Friday it will invest approximately €1 billion ($1.09 billion) in Mission E, the project to develop and build the first 100% electrically powered Porsche.
The Stuttgart-based automaker’s supervisory board approved the project that will set Porsche on a course that is “beginning a new chapter in the history of the sports car.”
The new electric vehicle is slated to be available by the end of the decade.
Porsche said it plans to add over 1,000 new jobs and invest €700 million in building a new assembly plant and new paint shop in the Stuttgart area. It is expanding the existing body shop as well as the current engine factory to allow for the production of the electric vehicles and motors.
As part of Mission E, it will be investing in its Weissach development center, where the Porsche Engineering Group has its headquarters.
Porsche showed the Mission E concept car at this year’s Frankfurt International Motor Show. The four seater is capable of developing over 600 hp and going from a standstill to 62 mph (100 km/h) in less than 3.5 seconds. It also has a range of over 310 miles (500 kilometers) and, using an 800-volt charger, can get power for 80% of its range in just 15 minutes. It will offer a wireless charging option as well that will use a coil set built into the garage floor.
(Photo: Accura Media Group)