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Porsche to spend $1 billion on new electric car plant, create jobs

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Baku, December 5 AZERTAC

Porsche will spend about 1 billion euros ($1.09 billion) on production facilities at its biggest plant to make its first-ever all-electric sports car.

The Volkswagen-owned manufacturer will create more than 1,000 new jobs at its base in Zuffenhausen in Germany where a new paint shop and assembly line will be set up to build the battery-powered "Mission E" model, Porsche said on Friday.

Porsche's investment in emissions-free drive technology reflects parent VW's growing commitment to increase its electric offerings as it struggles to overcome an emissions scandal.

VW has said the next generation of its VW-badged flagship luxury saloon Phaeton will be electric and it plans to expand the so-called MQB modular production platform to focus more strongly on long-range plug-in hybrids and electric vehicles.

Analysts have warned that VW's admission of rigging diesel emissions tests could cast a shadow over the diesel vehicle industry.

Porsche's Mission E model, due to come to market by the end of the decade, will be more than 600 horsepower and have a range of over 500 km (310 mile).

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