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Porsche approves its electric Tesla killer

Porsche on Friday announced that it has approved the production of a high-performance electric sedan.

Following into the footsteps of Tesla, Porsche hopes to stand out with long range and performance. The concept released by Porsche is capable of producing the electric equivalent of 600 horsepower, could accelerate from a stop to 62 miles per hour in under 3.5 seconds and run upwards of 300 miles a charge.

An all-electric Porsche marks the "beginning of a new chapter in the history of the sports car," said Oliver Blume, chairman of Porsche's executive board, in a statement. It's due by the end of the decade.

"There will be a lot of Porsche (fans) licking their chops and sitting there and waiting for it," says Ian Beavis, chief strategy officer for AMCI Global, a consulting agency, and a former auto marketing executive.

It is expected that the Porsche would find a different audience than Tesla, which has put a bigger focus on innovation. "They are different than a Tesla," Beavis says.

Porsche's rival Audi recently showed its own electric crossover, the e-tron quattro electric crossover, at the Los Angeles Auto Show. Aston Martin says it will build an electric version of the Rapide.