New Porsche Mission E is a Shot Fired Up Tesla's Nose

Porsche announced Friday that it would build its Mission E car — an all-electric sedan with looks that a Panamera would kill for — and sell the car by 2020. The Mission E concept was announced at Frankfurt earlier this year.

In addition to the car’s 0-60 mph time in under 3.5 seconds, the Mission E (no word on whether that is the final name) will also boast a 310-mile range and an 800-volt charge capability that could recharge the battery up to 80 percent in 15 minutes, providing you can find a charger for it.

Porsche didn’t announce pricing or availability yet, because presumably they’re figuring out exactly how much people will be willing to pay for the Stuttgart coat of arms and how many sales they’ve already lost to Tesla.

Porsche’s announcement may pose the biggest near-term threat to Tesla’s dominance of the luxury electric market.

In announcing the Mission E’s production Friday, Porsche also announced that it would spend $765 million to update its Stuttgart plant, including powertrain and body shop improvements.

That type of quick infrastructure spending is only something that deep-pocketed, established carmakers have access to, whereas Tesla’s portfolio is largely built slowly, model-by-model and without much of a net to catch it if the automaker stumbles.

Porsche’s Mission E is a significant step by the automaker, who only recently has devoted attention to electrification as a viable performance alternative.

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

Any guesses on when the next Tesla Model S will be coming?