Porsche released the name of its first fully electric model, Taycan, with production of the vehicle scheduled to begin next year.
Friday's announcement by Porsche, which has its North American headquarters in Atlanta, marks the beginning of a multi-billion dollar investment in electric vehicles by the German car manufacturer, officials said.
The Taycan may be electric, but don’t be fooled, it’s still a Porsche, It can produce over 600 horsepower, with the ability to accelerate from zero to 60 miles per hour in less than 3.5 seconds, according to a press release from the company.
The car will also possess a maximum range of over 300 miles before recharging. In 2017, the median range of all-electric vehicles was 114 miles, according to the U.S. Department of Energy.
The Taycan is only the beginning of Porsche’s increased attention on the electric vehicle industry. The company plans to invest more than $7 billion in the field by 2022, with the money going towards the production of the Taycan as well as the expansion of production, research and development of electric and hybrid vehicles.
Porsche expects the new vehicle to create 1,200 jobs at its headquarters in Stuttgart-Zuffenhausen, Germany. A new paint shop, assembly area and conveyor bridge are all expected to be built for the production of the Taycan. Porsche also plans to expand its engine plant there in order to manufacture electric motors.
There were just under 200,000 electric vehicles sold in the United States in 2017, up from 158,000 sold in 2016. Electric vehicle sales in Georgia dropped 90 percent between 2015 and 2017, after the state government ended a tax credit for electric cars and introduced a $200 registration fee on the vehicles.
UPDATE: The new Taycan is Porsche's entry into the electric car market
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