Porsche may not be on board with self-driving cars, but it’s certainly moving full steam ahead on plans to develop an electric car. According to a recent report from Reuters, the iconic German automaker recently said that it plans to invest approximately $1.12 billion in factory upgrades over the next few years to pave the way for Mission E production. On top of that, the company relayed its plans to create as many as 1,000 new jobs to bring its vision of an electric car to fruition.

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Though a latecomer to the EV discussion, Porsche this past September unveiled its plans to make a splash in a market currently dominated by Tesla. Porsche’s electric car plans center on its Mission E concept, a sleek car with 600 horsepower, fast acceleration, an ambitious driving range of 310 miles on a single charge and an even more ambitious re-charging time of 15 minutes.

If things go according to plan, Porsche hopes to have the Mission E out on the road by 2020.

“With Mission E, we are making a clear statement about the future of the brand,” company chairman Wolfgang Porsche said a few months back. “Even in a greatly changing motoring world, Porsche will maintain its front-row position with this fascinating sports car.”

In conjunction with the all-electric Mission E, Porsche also has plans to release a hybrid version of its iconic Porsche 911 as early as 2018.

At the same time, it’s not as if Tesla is exactly sitting back and taking it easy. Model X production is primed to ramp up, construction on the Gigafactory is ongoing, and the highly anticipated Model 3 will be unveiled for the first time this coming March. What’s more, a recent report suggests that the long-touted sticker price of the Model 3 ($35,000) may in fact be closer to $25,000 once incentives are taken into account.

A life long Mac user and Apple enthusiast, Yoni Heisler has been writing about Apple and the tech industry at large for over 6 years. His writing has appeared in Edible Apple, Network World, MacLife, Macworld UK, and most recently, TUAW. When not writing about and analyzing the latest happenings with Apple, Yoni enjoys catching Improv shows in Chicago, playing soccer, and cultivating new TV show addictions, the most recent examples being The Walking Dead and Broad City.