• Porsche Mission E

Porsche Mission E (Photo : Porsche)

Tesla's electric car would have competition by 2020 from Porsche. The luxury-car maker said it would manufacture the all-electric four-door sports car, the Mission E.

Porsche introduced the Mission E, which expects to have over 600 horsepower, or 440 kilowatts in system power and a 310-mile battery range, at the 2015 Frankfurt International Motor Show in September, reports Fortune. It would be Porsche's first all-electric car, although the carmaker had previously launched the Panamera S E-Hybrid.

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To manufacture Mission E, Porsche would invest over $700 million at its facility in Stuttgart-Zuffenhausen. The investment would generate 1,000 new jobs, the firm said on Friday. It would expand the existing engine factory to produce Mission E and construct a new paint shop and assembly plant. Porsche would also spend an undisclosed amount at its Weissach development center.

It would take the battery only 15 minutes to be 80 percent charged by doubling the usual 400 volts of energy used by other makers of electric cars. With this development, charging is twice faster than the supercharger of Tesla Motor.

The vehicle's lithium-ion battery would be mounted in its underbody between the front and rear axles. This design provides the vehicle a low center of gravity, making the driver and passengers have a zippy but controlled feel while the electric car is moving.

In a statement, Porsche of the Supervisory Board Dr. Wolfgang Porsche, said, "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."