Porsche’s Mission E is probably one of the most anticipated all-electric vehicles coming by the end of the decade. Its design already won awards and it expected to launch the 350 kW ultra fast-charging technology developed by the company.

One missing piece of the puzzle was the price and the automaker has now confirmed that it will start at around $86,000 – making it competitive with some versions of Tesla’s Model S.

Some feared that Porsche was going to offer the luxury sedan for a significant premium due to it being the German automaker’s first all-electric vehicle, but CEO Oliver Blume confirmed to CAR Magazine that it will be “priced like entry-level Panamera.”

A standard Porsche Panamera starts at $86,000 in the US, which would place the Mission E around the same price. Though Porsche also offers a plug-in hybrid version of the Panamera and it starts at $93,000.

With options and more powerful powertrain configurations, the vehicle is expected to be priced significantly higher.

Not long ago, Porsche didn’t believe that it could deliver on its customer expectations with electric powertrains, but they changed their minds on electric vehicles earlier this year and announced a goal for 50% of their production to be electric within 6 years.

The Mission E  will be their first effort. Here’s a gallery of the concept vehicle, which Blume claims to be very similar to the production version:

They are aiming for the vehicle to have “over 310 miles of range” (500 km) on a single charge, but being based in Germany, Porsche is likely talking about the New European Driving Cycle (NEDC), which is much more forgiving than the EPA rating and doesn’t really reflect real-world range. It’s should still have a more than decent range around 250 miles.

Porsche is also aiming for a 0 to 60 mph acceleration in 3.5 seconds.

The German automaker also said that it will follow Tesla’s lead with over-the-air updates and software-locked options for the Mission E.

The most anticipated feature to come with the vehicle is probably the capacity to charge with a 800-volt system, which Blume claims can charge the Mission E’s battery pack to 80% in about 15 minutes. He also said that they plan for the system to also work with Tesla’s and other automakers’ vehicles.

While the Mission E will be Porsche’s first all-electric vehicle, they are already working on other models, including an SUV.

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