Volkswagen to Compete with Tesla with New Porsche Mission E

What started out as purely a concept car is now touted as a viable competitor to Tesla's Model S; meet the Porsche Mission E. Volkswagen Group, Porsche's parent company, has projected a release date by 2020.

The Mission E first debuted at the 2015 Frankfurt Motor Show (IAA) in September. The four-door sedan has a 600 plus horsepower engine with a range of 330 miles. By the time of its release the car will utilize a fast charge system that promises an 80% charge in 15 minutes using an 800-volt charger. It's a speed, the International Business Times reports, which is less than half the time it takes to charge a Tesla Model S. The new electric sedan can also be optionally charged wirelessly via an induction coil installed in the floor of the garage.

The Volkswagen Group wants to release 20 all-electric, plug-in models. Car and Driver notes it's already making progress with their gas-electric hybrids: Porsche 918 Spyder Turbo S, Cayenne S E-Hybrid, and Panamera S E-Hybrid.

The design and technical details for the Mission E are also promising. Porsche is taking design inspiration from its Panamera, one of their luxury four-door sedans. The electric sedan can reportedly go from zero to 60 in 3.5 seconds, a little slower than the upgrade version of the Model S. The 330-mile range is also on par with the Tesla car. A big question though, is if Porsche can create the Mission E at a price that can compete with the Model S' price range.

The Frankfurt Motor Show also unveiled Volkwagen's Audi E-Tron Quattro concept, an all-electric SUV. Slated for release in 2018, the SUV has a range of 310 miles and 429 horsepower engine. The Quattro is seen as a competitor to Tesla's Model X, which is expected to start distributing in September 2016. The range, horsepower, and charge time of the E-Tron Quattro is comparable to the Model X. The proposed price for the SUV has also not been announced.

Chairman of the Porsche Executive Board, Dr. Oliver Blume, describes their dedication to creating a fully electric car.

"We are resolutely taking on the challenge of electric mobility. Even with solely battery-powered sports cars Porsche is remaining true to its philosophy and offering our customers the sportiest and technologically most sophisticated model in this market segment."

The $765-million investment will place the production of the car at Porsche's Weissach site, building a new assembly plant, separate paint shop, and upgrades to the existing body shop and engine plant. It will also create more than 1000 new jobs.