porshe mission e doorsPorsche

Porsche is gearing up to take on Tesla.

On Friday, the German automaker said that it would invest $1.09 billion in new facilities and and create 1,000 jobs to to produce a model of its super sleek all-electric Mission E sports car.

Porsche first revealed its Mission E at the Frankfurt Motor Show in September. At the time, the company said that it aimed to go into production during the next five years. Now the company is committing to having the car in showrooms by the end of 2020.

“With Mission E, we are making a clear statement about the future of the brand,” Chairman Wolfgang Porsche said in the statement. “Even in a greatly changing motoring world, Porsche will maintain its front-row position with this fascinating sports car.”

Porsche concept car drivingPorsche

It’s unclear whether or not the production model of the Mission E will have many of the cutting edge technologies showcased in its concept at Frankfurt. But we do know that the company plans to roll hold true to its battery promises.

Like Tesla’s vehicles, the Mission E will boast an impressive range and be able to go really fast.

The car, powered by a lithium-ion battery technology, will have a range of 310 miles, be able to charge 80 percent in just 15 minutes, and hit 62 miles per hour in just 3.5 seconds. The Mission E will also be capable of charging wirelessly via induction charging.

Porsche ChargingPorsche

Tesla’s Model S currently has a range of more than 250 miles per charge, according to EPA standards, and can go from zero to 60 miles per hour in just 3.1 second with a Ludicrous Mode upgrade.