Porsche Mission E Concept (VanderWolf Images/Bigstock.com)

Porsche will open “a new chapter in the history of the sports car", as it confirms it will build a production version of its electric Mission E concept car.

The four door, four seat vehicle, which was unveiled at the Frankfurt Motor Show in September, runs entirely on batteries.

With a 0-62mph figure of 3.5 seconds and single-charge range of more than 310 miles, it is a worthy rival to Tesla's luxury electric cars.

When it is launched before the end of the decade, what may set the Mission E apart from the competition is its powerful charging system. It will be able to recharge by 80 per cent in just 15 minutes, thanks to an 800volt charger – twice as fast as today’s quickest chargers.

A wireless induction system installed in a garage floor will also be a charging option.

Dr. Oliver Blume, chairman of the Porsche Executive Board, said: "We are resolutely taking on the challenge of electric mobility. Even with solely battery-powered sports cars, Porsche is remaining true to its philosophy and offering our customers the sportiest and technologically most sophisticated model in this market segment."

The Mission E produces 592bhp and is powered by two engines – one on each axle.

Porsche's parent firm Volkswagen will be keen to focus on new technologies such as the Mission E, which offers tangible benefits for both car owners and the environment. News of a Mission E production model came as sales of VWs in the UK dropped by 20 per cent – largely due to negative press following the diesel-rigging scandal in which VW was accused of cheating emissions tests.