Porsche (NASDAQ: POAHY) announced on Saturday the Mission E project, which aims to support sustainable growth.

The German company wrote in a statement they are going to create 1,000 new jobs and will invest around 700 million euros on researching in Stuttgart-Zuffenhausen, where they will develop a new four-door deluxe electric car that goes from 0 to 62 miles per hour in under 3.5 seconds.

Photo: Porshe AG.
A first look at the Mission E project vehicle. Photo: Porshe AG.

Porsche remarked they were making a clear statement about the future of the brand. In the next years, they will expand the production of electric motors, alongside the creation of a new paint shop and a new assembly plant.

“Even in a greatly changing motoring world, Porsche will maintain its front-row position with this fascinating sports car,” said Wolfgang Porsche, supervisory board chairman, in a statement after the management approved the project.

This sustainable project was previously presented in September at the Frankfurt International Motor Show, where the brand alluded to the E-Performance, an experience that will take customers to an outstanding performance that has always being part of the brand combined with a delightful design and day-today practicality.

Mission E will have an 800-volt potent quick-charge system, that works twice as powerful as today’s systems. The unit which was specially designed for the car will boost the lithium-ion batteries integrated within the vehicle floor to have enough power for 80 percent of the range after a mere 15 minutes.

Another standing feature is that the vehicle can be refuelled wirelessly by induction via a coil set into the garage floor, the company stated. The four-door car with four individual seats is equipped  with a system power output of over 440 kW (600 PS) that will make the car fly over the road from 0 to 62 miles per hour in under 3.5 seconds and reach a range of more than 500 kilometres.

It is thought that Mission E, which is 100% electrically powered, maintains the roof line that has been characteristic from all Porsche sport cars. The vehicle is constructed on a completely new chassis that handles two electric motors, one for the road and one for the fronts. The battery is intended to be as close as possible to the road for exquisite handling.

“We always said that when we do an electric car, it would be a true sports car. We also said it would offer the performance traditional Porsche buyers demand. We have achieved both goals, while providing it with everyday practicality and an exceptional range.” said Wolfgang Hatz, Porsche’s head of research and development, during the unveiling in Frankfurt.

Photo: Porsche AG.
The German company will maintain its characteristic style. Photo: Porsche AG.

Recently, Porsche profits halved as a result of the diesel emissions scandals related to Volkswagen. The creator of Mission E, which holds 52.2 percent of VW’s common shares, is its principal shareholder.

Earlier in November the U.S. Environmental Protection Agency, which first revealed the emissions hack in the software, claimed that Volkswagen had installed the devices in Porsche vehicles with tree-litre engines.

Competition from Tesla

Porsche will compete in a market that has been created by the American company Tesla. The luxury car maker of the Model X declared it delivered 11,580 cars in the last quarter announced.

According to Tesla, Model X is the safest, fastest and most capable sport utility vehicle in history. The SUV accelerates from zero to 60 miles per hour in just 3.2 seconds, which is faster than Mission E’s system 5 years prior its launch.

Model S from Tesla also became popular with an acceleration system that goes from 0 to 60 miles per hour in as little as 2.8 seconds without a drop of gasoline. 11,574 Model S cars were sold in the last quarter.

Electric cars in the U.S

It is interesting how much this new niche of cars powered without any single use of gasoline is becoming more popular everyday in the country. According to an analysis from Frost & Sullivan, 40% of all zero emissions vehicle sales in the U.S are done in California.

It is predicted that sales will grow up to 1.4 million units by 2025 after new zero emissions vehicle requirements take effect in 2017. The number of sales in 2014 was of 60,000 units. That’s why new Porsche plans to enter the electric cars segment could be a safe bet in a market that is getting conscious about the uses of alternative energy.

Source: Porsche