Porsche announced today the green light for its first all-electric model, the Mission E concept unveiled at the Frankfurt Motor show earlier this year, for production by the end of the decade. The company will invest over $700 million to expand its assembly capacity and include the production of electric motors. The company is aiming for Mission E to have high performance with 440 kW output, 0 to 60 mph in 3.5 seconds and over 310 miles of range (500 km).

Porsche’s target range is most likely based on the New European Driving Cycle (NEDC), which is known to be less restrictive than the EPA standard and not really representative of real-world range.

Dr. Wolfgang Porsche, Chairman of the Supervisory Board of Porsche AG, on the announcement:

“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.”

Porsche, which is a Volkswagen brand, says the car will be introduced with a new 800-volt charging technology that could charge the Mission E to 80% capacity in 15 minutes.

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