Porsche christens first electric the Taycan

Porsche christens first electric the Taycan

Sport auto maker Porsche will name its first all-electric auto model the Taycan, it said on Friday, a year before it plans to launch serial production of a vehicle that will compete with Tesla's (TSLA.O) Model S.

The 2020 Porsche Taycan will be the automaker's first all-electric vehicle, and it's more than just a Tesla rival.

The vehicle was known as the Mission E since the unveiling of the concept in 2015, but it was always known that the production version will most likely feature a name that works with Porsche's current naming scheme. Porsche announced the name for its first purely electric series as part of the "70 years of sports cars" ceremony. Porsche will begin production of the Taycan-pronounced tai-kan-next year.

Ever since unveiling the concept, Porsche has been saying that the production version, which is expected to launch in 2019, will remain fairly similar. The Porsche Taycan electric sports vehicle can do a 0-100 kmph sprint in well under 3.5 seconds and to 200 kmph in under 12 seconds.

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The Taycan will be able to go 300 miles on a single charge and, with fast charging, 240 miles with only a 15 minute charge, according to Porsche.

Taycan translates roughly to "lively young horse", referencing the leaping steed in the Porsche crest. The tail-light strip across the rear is the new Porsche signature which stands out thanks to the diffused lighting. Porsche says that it won't happen here. Still, previous suggestions have indicated a starting price in the region of $80-90k. Porsche also says that it has "a continuous power level that is unprecedented among electric vehicles".

Porsche's original goal had been to spend three billion euro ($3.53bn) on electromobility by 2022. A new paint shop, dedicated Taycan assembly area, and a conveyor bridge that will move painted bodies and drive units to the final assembly area are already under construction. The engine plant is being expanded to manufacture electric motors.