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German car maker Porsche has confirmed that the Mission E Concept has been given the green light for production. The new car will be the first fully electric Porsche and is slated for a 2020 year launch.

The Mission E concept was first unveiled at the Frankfurt Motor Show 2015 earlier this year. The concept came equipped with a lithium battery system pushing 600 hp and a range of 500 km. The unique charging system charges up to 80% in just 15 minutes.

Dr. Wolfgang Porsche, Chairman of the Supervisory Board of Porsche AG said: “With Mission E, we are making a clear statement about the future of the brand. Even in a greatly changing motoring world, Porsche will maintain its front-row position with this fascinating sports car.”

The Mission E production car will rival the Tesla Model S