In an indication that Tesla’s Model S and Model X high-end electric luxury cars may soon be challenged by a potential competitor, Porsche has announced its first purely-electric sports car --- the ‘Taycan.’

The announcement marks a significant advance in Porsche’s electrification plans. The automaker has already fully invested in the electric vehicle (EV) market, and is also planning an investment of more than 6 billion euros in the ‘e-mobility’ arena by 2022.

In announcing its new Taycan electric car, Porsche has revealed that it will likely commence the production of the first units of Taycan in 2019. However, the automaker has not yet disclosed any information about the expected pricing of the Taycan when it hits the market.

According to the details shared by Porsche about the under-the-hood performance of Taycan, the all-electric sports car will be equipped with two ‘permanently excited’ synchronous motors which will be capable of putting out up to 600 horsepower. The two motors will enable the Taycan to achieve 0-100kmh (62mph) acceleration in merely 3.5 seconds, and 0-200kmh (124mph) acceleration in less than 12 seconds.

As per Porsche’s claims, the Taycan will have an impressive driving range of 500km (approximately 300 miles) on a single charge. In comparison, the Tesla’s top-end 100D Model S boasts a nearly 335-mile range.