Porsche is planning to spend around €1bn on its main site in Stuttgart-Zuffenhausen, Germany to build the company’s first all electric race car Mission E.
The investment will result in the creation of 1000 new jobs and it will include creation of a new paint shop and a new assembly plant, as well as expansion of the existing body shop, and engine factory.
The announcement was made after Porsche's supervisory board gave its approval for the Mission E project.
Porsche's parent company Volkswagen (VW) has pledged to increase its electric vehicle offerings following one of the biggest emission scandals, and the company has also said that next generation VW flagship luxury saloon Phaeton will be an electric model.
Mission E was unveiled in September at the Frankfurt International Motor Show.
The car is capable of give a mileage of 500km on a single charge which is expected to give a tough competition to Tesla Model S P90D model.
With the help of Porsche's 800-volt technology, Mission E will only take about 15 minutes to have enough charge for 400km driving.
The car is also capable of accelerating from 0- 100km/h in under 3.5 seconds, and has power output of over 600hp.
Porsche Executive Board chairman Dr. Oliver Blume said: "We are resolutely taking on the challenge of electric mobility.
"Even with solely battery-powered sports cars, Porsche is remaining true to its philosophy and offering our customers the sportiest and technologically most sophisticated model in this market segment."
Image: Mission E by Porsche. Photo: courtesy of Porsche.
