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Porsche is spending €1B, hiring 1000 workers to become an electric carmaker

Mission E 1

As part of a Reuters report that Porsche wouldn’t be quite as profitable in the short-term, it was revealed that the German luxury automaker and part of the Volkswagon g Group will spend a whopping $1B Euros to retrofit its factories to produce Mission E and theoretically other electric cars and variants…

The maker of the iconic 911 sports car will invest about 1 billion euros ($1.12 billion) as it creates over 1,000 new jobs at its base in Zuffenhausen to make Porsche’s first all-electric car.

Porsche recently announced that the Mission E would go into production by the end f the decade but put the price at $700M. Today’s over 50% higher price announcement may signify that Porsche is growing its EV ambitions.

The Mission E is expected to have a very high performance engine with 440 kW output, 0 to 60 mph in 3.5 seconds and over 310 miles of range (500 km). Impressive stats today but numbers that Tesla is already meeting with its high-end Model S and X.

Mission E battery pack

Perhaps more impressive, Porsche hopes to have a 800-volt charging technology that could charge the Mission E to 80% capacity in 15 minutes. That’s about double the current Tesla voltage and speed. However Tesla has hinted at aiming at this type of recharging speed and further in past statements from CTO JB Straubel.

Prototype video

In addition to the Mission E, Porsche is expected to release a plug-in version of its iconic 911 and 911 Turbo in the coming years.

Porsche’s CEO may be bullish on electricity but he dismissed the idea of an autonomous car recently saying ‘iPhone belongs in your pocket, not on the road’.

Our recent articles about the Mission E:

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  1. awkward001 - 7 years ago

    I dont get that for Porsche and other similar brands: isn’t the beautiful purr of the engine one of the most important feature?? Is there a market for a silent Porsche? My personal interest drops to zero without that engine sound as you step on it.

    … or is this just a sign the car industry overall has given up on ICE and do not think it can compete on performance with electric??

  2. R3D - 7 years ago

    Some correction:
    Porsche claimed that the acceleration will be LESS THAN 3.5s to 100 kph (62 mph) which is about 3.3s to 60 mph, and it promises minimum 500 km range even with sporty driving. Beside Tesla these values are not really interesting. What interesting is the less than 12s to 200 kph (124 mph) and the less than 8 minutes on the Nürburgring Nordschleife.

    If they can make it, it’s gonna be an interesting car! And it’s pointless to think on it’s “Tesla killer” nature. This car is a class higher and it’s price is gonna be much higher as well. Porsche is targeting an other group of potencial buyers with this car.

    • Illuminati - 7 years ago

      Tesla Model X P90D Ludicrous 0-100 MPH : 7.98s

      Porsche should be able to do better.

      • R3D - 7 years ago

        I purposely wrote the ‘LESS THAN’ in UPPERCASE, because I know people are still think these are exact numbers. So again… We don’t know anything about this car that could be basis of any kind of comparison!

        But you know what? You’re true! Porsche is able to do better:
        Model S P90D ‘Ludo’ : 0-200 kph in 14.13 seconds. (Since the Model X is bigger and heavier, it needs more time, for sure.)

        As a reminder: the Mission E will make it in LESS THAN 12 seconds!


Avatar for Seth Weintraub Seth Weintraub

Publisher and Editorial Director of the 9to5/Electrek sites. Tesla Model 3, X and Chevy Bolt owner…5 ebikes and counting