As part of a Reuters report that Porsche wouldn’t be quite as profitable in the short-term, it was revealed that the German luxury automaker and part of the Volkswagon g Group will spend a whopping $1B Euros to retrofit its factories to produce Mission E and theoretically other electric cars and variants…

The maker of the iconic 911 sports car will invest about 1 billion euros ($1.12 billion) as it creates over 1,000 new jobs at its base in Zuffenhausen to make Porsche’s first all-electric car.

Porsche recently announced that the Mission E would go into production by the end f the decade but put the price at $700M. Today’s over 50% higher price announcement may signify that Porsche is growing its EV ambitions.

The Mission E is expected to have a very high performance engine with 440 kW output, 0 to 60 mph in 3.5 seconds and over 310 miles of range (500 km). Impressive stats today but numbers that Tesla is already meeting with its high-end Model S and X.

Perhaps more impressive, Porsche hopes to have a 800-volt charging technology that could charge the Mission E to 80% capacity in 15 minutes. That’s about double the current Tesla voltage and speed. However Tesla has hinted at aiming at this type of recharging speed and further in past statements from CTO JB Straubel.

Prototype video

In addition to the Mission E, Porsche is expected to release a plug-in version of its iconic 911 and 911 Turbo in the coming years.

Porsche’s CEO may be bullish on electricity but he dismissed the idea of an autonomous car recently saying ‘iPhone belongs in your pocket, not on the road’.

Our recent articles about the Mission E:

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