Mission E Cross TurismoPorsche says it plans to invest more than $7 billion (six billion euro) in electrified vehicles over the next four years. As part of this, the automaker will be devoting some $600 million toward the development of is coming Mission E electric sports car and other electrified variants. About $1.25 billion will be dedicated to hybrid and electric powertrains for existing Porsche models

“We are doubling our expenditure on electromobility from around three billion euro to more than six billion euro”, said Oliver Blume, Chairman of the Executive Board of Porsche AG. “Alongside development of our models with combustion engines, we are setting an important course for the future with this decision.”

Porsche’s stunning battery electric Mission E sports car will boast an output of 600 horsepower and deliver quick 0-60 mph sprints in less than 3.5 seconds. Driving range is claimed to be over 300 miles between charges. It will be fast-charge capable.

In addition to its investment in electrification, Porsche will invest some $250 million on manufacturing sites and facilities plus an additional $850 million on smart mobility, charging infrastructure, and new technologies.