Porsche will sell electric sports car

5 Dec 2015 | Author: | No comments yet »

Porsche Green Lights an Electric Sports Car.

NEW YORK (CNNMoney) — Porsche plans to offer an all-electric performance car by the end of the decade. In September, Porsche showed off the Mission E, a fully electric and fully beautiful concept made to dethrone Tesla motors as the EV industry’s king of cool.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. The four-door car, which looks like a futuristic version of today’s Porsche Panamera, will be able to go 310 miles on a single charge, Porsche has boasted. 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’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.

When the car was unveiled in September, a Porsche spokesperson only said that “production of the car would be feasible within the near future.” The car is part of a bigger push by Volkswagen Group into electric vehicles and plug-in hybrids. 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. Porsche, which faces increasingly strict fuel emission standards from US and European authorities, been working with batteries for a few years now, with top notch results.

Here, the Germans have a second advantage: They’re working on an 800-volt charger that will power the car up to 80 percent in just 15 minutes, half the time it takes the Tesla. 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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