Mission Possible: Porsche Approves First EV

Volkswagen AG’s Porsche unit has approved a €1 billion-euro ($1.1 billion) program to launch its first all-electric vehicle by the end of the decade. The new sedan will be based on the Mission E concept vehicle Porsche unveiled in September at the Frankfurt auto show.

Featuring two electric motors and a lithium-ion battery pack, the Mission E generates about 590 hp and can zip from zero to 62 mph in less than 3.5 seconds, according to the carmaker. The car’s driving range is estimated to be about 310 miles on the European driving cycle.

Porsche is developing an 800-volt charging system for the production EV, which the company says is twice as powerful as today’s quick-charge systems. This will allow the battery pack to be recharged to 80% of capacity in 15 minutes. Porsche also is working on an induction system that will allow the vehicle to be recharged wirelessly.

Porsche plans to build the EV at its complex in Stuttgart, Germany. The investment will include a new paint shop and assembly plant. In addition, the site’s existing body shop will be expanded and the engine plant will be enlarged to add production of electric motors. Part of the investment also will go toward enhancing the company’s research and development center in Weissach, Germany. About 1,000 new jobs will be added in Stuttgart as a result of the program, Porsche says.