Porsche To Launch The Mission E in 2020 To Rival Tesla Motors Inc (NASDAQ:TSLA)

Porsche To Launch The Mission E in 2020 To Rival Tesla Motors Inc (NASDAQ:TSLA)

Tesla Motors Inc (NASDAQ:TSLA) is currently the industry pace setter as far as electric vehicles are concerned but more automotive manufacturers have adopted the electric vehicle concept. Porsche is the latest company to announce that it is working on an electric model called Mission-E.

It might appear a bit unorthodox for a company like Porsche whose forte is the production of iconic combustion engine-powered supercars. However, Tesla has proved that electric can be fast, reliable and even outdo supercars. More and more automotive manufacturers have started to produce supercars powered by hybrid electric systems. The German manufacturer is also embracing the idea of electric powered vehicles. Mission-E is an interesting EV concept that Porsche revealed and announced that it should be driving on the roads in 2020.

Automotive analysts believe that 2020 is a realistic time frame because it will allow enough time for development and testing. However, they also believe that Tesla will most likely have improved its offering by then. The developers have given the vehicle the codename J1. The design of the vehicle is expected to house a lithium-ion battery pack that will give the Mission E an impressive range of roughly 330 miles. Porsche also claims that the vehicle will achieve an impressive 0-62 mph in 3.5 seconds. Not bad for a four-door electric supercar.

Porsche is quite serious about the vehicle considering that it wants to increase its employee base by more than 50%. This is because the firm wants to have enough workers to facilitate the production of the Mission E by 2020. The German manufacturer currently has 1000 people on board the Mission E team and it plans to employ an extra 400 more people so that it can speed up the development and production. There have also been reports that the company is looking for 100 IT specialists and a few other specialists. Porsche has also hinted plans to spend more than $1.1 billion towards upgrading its factory for the production of the EV.