Porsche approves its electric Tesla killer

5 Dec 2015 | Author: | No comments yet »

Porsche Green Lights an Electric Sports Car.

Porsche AG says it will produce an all-electric four-door sports car that was first introduced at the 2015 Frankfurt International Motor Show in September.BERLIN: Porsche will spend about 1 billion euros ($1.09 billion) on production facilities at its biggest plant to make its first-ever all-electric sports car.

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. The car, currently called the Mission E, is expected to have more than 600 horsepower (or 440 kilowatts in system power) and about a 310-mile battery range.

The Volkswagen-owned manufacturer will create more than 1,000 new jobs at its base in Zuffenhausen in Germany where a new paint shop and assembly line will be set up to build the battery-powered “Mission E” model, Porsche said on Friday. 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.

Porsche’s investment in emissions-free drive technology reflects parent VW’s growing commitment to increase its electric offerings as it struggles to overcome an emissions scandal. 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. VW has said the next generation of its VW-badged flagship luxury saloon Phaeton will be electric and it plans to expand the so-called MQB modular production platform to focus more strongly on long-range plug-in hybrids and electric vehicles. “We are sending a significant sign for the future of the brand,” Chairman Wolfgang Porsche said after a meeting of the supervisory board which approved the investment.

Some 700 million euros will be spent at Zuffenhausen where an existing engine plant and body shop will be extended, and the rest will be invested in Porsche’s development center in Weissach, the carmaker said. Hackberg is one of eight company officials suspended after VW admitted installing “defeat” devices that allowed its cars to meet emissions requirements while continuing to spew pollutants into the air. By 2020, Tesla Motors’ TSLA -1.00% cheaper Model 3 should be in production (unless it’s delayed) as well as all-electric sedans promised by other automakers, including Volvo and Audi, another VW-owned company.

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