Porsche has announced that their first purely electric sports car will be called the Taycan. The former concept car called "Mission E" will be powered by dual permanently excited synchronous motors (PSM) producing 600 hp, the car has a 0-60 time of under 3.5 seconds and hits 125 mph in under 12 seconds. The range on the car is over 310 miles on a single charge and the lithium-ion battery can be charged to 80% of capacity or 250 mile of range in under 15 minutes. Porsche is making a $7 billion investment into electric cars and their infrastructure by 2022. Future investment doubled Porsche plans to invest more than six billion euro in electromobility by 2022, doubling the expenditure that the company had originally planned. Of the additional three billion euro, some 500 million euro will be used for the development of Taycan variants and derivatives, around one billion euro for electrification and hybridisation of the existing product range, several hundred million for the expansion of production sites, plus around 700 million euro for new technologies, charging infrastructure and smart mobility.