Porsche Taycan name confirmed for production version of Mission E

No horsing around

The oriental name also signifies the launch of the first electric sports auto with the soul of a Porsche.

The Porsche Taycan will be the automaker's first official battery-electric sedan.

The name, confirmed by the firm's CEO Oliver Blume as part of Porsche's 70th anniversary celebrations, is said to translate loosely as "lively, young horse" from a Eurasian dialect- a nod to the firm's crest, which has featured a leaping horse since 1952.

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 Taycan is expected to arrive in 2019 and start around $75,000.

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The company has previously been talking about a 0 to 60 miles per hour acceleration in 3.5 seconds and earlier this year, a Porsche executive said that the Mission E will be able to go long distances at high-speed, like traveling on the German autobahn, or to complete a few laps on the race track. Some of the spotted cars have been wearing exhaust exit surrounds that were fake and fitted to hide the car's identity. Features such as the flared haunches, LED tail-light strip and coupe-like rear end will remain to echo the looks of the 911 sports vehicle.

Porsche has said battery-only vehicles could account for a quarter of its sales by 2025.

The Porsche Taycan (codename: Porsche J1) is based on a dedicated electric vehicle platform. About $600 million is for developing Taycan variants, a billion more for adding EVs and hybrids to today's product range, several hundred million to expand production sites and around $800 million for new technologies, charging infrastructure, and smart mobility.

All-wheel drive is expected to be standard on all versions initially, but there is the possibility of Porsche launching a more affordable rear-wheel-drive edition in the future. The engine plant is being expanded to manufacture electric motors. Porsche claims a maximum range of over 500 km for the Tesla Model S rival.