Porsche has given the green light for its Mission E electric sports car project and says it will invest a billion euros and add 1,000 new jobs for it.

The Porsche supervisory board approved the project today. Dr. Oliver Blume, Chairman of the Executive Board, said that Porsche is “beginning a new chapter in the history of the sports car.” The vehicle is due to be launched at the end of the decade.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

In Stuttgart-Zuffenhausen alone more than 1,000 new jobs are being created, the company said. The company will be investing around 700 million euros in its main site there. Over the next few years, a new paint shop and a new assembly plant will be built. The existing engine factory is also being expanded for the production of electric motors. In addition, the existing body shop is being enlarged. On top of that there will be more investment at other Porsche facilities including the Weissach development centre.

The Mission E concept car was shown at the Frankfurt Motor Show last September. 

See also: FRANKFURT: Porsche shows electric sports car concept
 

Just Auto Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Just Auto Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now