Porsche CEO: Our First All-Electric Vehicle Will Be Released a Year Ahead of Schedule

Originally expected to roll out in 2020, Porsche's Mission E will arrive a year sooner, according to the company's CEO Oliver Blume.

Branded as the luxury carmaker's first fully electric vehicle, the Mission E has been established as a potential rival to Tesla's flagship luxury EV, the Model S. However, with an expected price tag of $80,000, the Mission E is a tad bit more expensive than the Model S, which has a base price of only $62,000. The $80,000 cost positions the Mission E between Porsche's Panamera and the 911.

The Mission E is a 1.3 meters (4.26 feet) tall, four-door sports car with an all-electric powertrain. Its initial concept included a 600-hp motor with a four-wheel drive capable of accelerating from 0 to 96 kph (60 mph) in just under 3.5 seconds and reaching top speeds of more than 249 kph (155 mph).

First unveiled at the 2015 Frankfurt Motor Show, the luxury EV is now in the final stages of production and development. According to an interview Blume granted to Car Magazine at this year's event, it's being readied for a 2019 shipment schedule, and Porsche would soon be testing the vehicle publicly. "We are in series engineering phase," said the CEO.