The electric car startup would-be Tesla-killers of the world may soon find themselves facing stiff competition from a well-established player in the luxury automotive world. Porsche said this week that it’s doubling its previously announced investment in hybrid and all-electric cars to $7.4 billion, according to multiple reports.
In particular, Porsche plans to spend about $620 million for the development of variants of its fully-electric Mission E sports car, according to . As we previously noted, the car’s expected to have , one of three grades under consideration.
Here’s more from Business Insider:
Porsche’s investment is just the latest play by a traditional luxury and performance brand to come up with a true rival for the automotive wing of Elon Musk’s business empire.
Porsche’s additional $3.7 billion investment will be allocated to multiple development programs already underway.
This includes $620 million for the development of the Mission E high-performance electric sedan and its derivative model. Another $1.2 billion will go towards the hybridization and the electrification of Porsche’s existing internal combustion models. And $868 million will be used to expand facilities while another $868 million will go towards the development of charging infrastructure.
The massive investment in charging infrastructure’s a big deal, if Porsche wants to catch up to the likes of Tesla’s Supercharger network. That’s been the key separator for Tesla—but if Porsche comes out with a 1-2 punch of an actual competitor to the Model S and a charging network to support it, that could present a serious problem for Tesla.
With in the industry, Porsche has suggested in the past year that it’s trying to make a play for the electric car market there. The government, in particular, has said it wants 20 percent of cars sold in the country by 2025 to run off alternative fuels, . In response to China’s implementation of strict emissions regulations, and in advance of that, Porsche .
As Business Insider points out, the Mission E is expected to arrive next year with a base price that’s aligned with the Model S starting MSRP of $74,500. Porsche claims the Mission E will be capable of getting 400 to 600 miles of range on a single charge.