According to reports, Porsche's first all-electric car model will be called the Taycan. It means a lively, young horse and reflects the iconic rearing black horse on the brand's coat of arms. CEO Oliver Blume announced the name at the company's 70th anniversary celebration. A four-seater electric sports car, the Taycan has been so far known as the Mission E and is set for production next year. In a statement, Porsche confirmed that it plans to double its investment in hybrid and fully electric vehicles to over 6 billion euros ($7.06 billion) by 2022 as its parent company, Volkswagen strives to get through an emissions-cheating scandal and tap into the escalating demand for more environment-friendly transportation. The automaker noted that battery-only vehicles could account for a quarter of its sales by 2025. The Taycan will be used by Porsche to tap consumer demand with powerful batteries and engines. The automaker claims that the electric car will be able to reach 0 to 100 kph in just 3.5 seconds and will come with a range of 500 km and rapid 800-volt charging.
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