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Porsche on Friday introduced the official name of its battery electric vehicle that will take on Tesla's Model S as part a ceremony in Europe marking 70 years of Porsche sports cars.

According to Porsche, the Taycan name is a Eurasian word that roughly translates to "lively young horse" and is a reference to the "leaping steed" on the company's badge. Be a little more judicious withe the throttle and you'll get a 300 mile range and be able to recharge in a very short time too.

Porsche has billed the Taycan as a track-capable EV, created to support multiple jump starts in quick succession without power loss due to battery overheating. Elon Musk is well known for talking up the speed of cars like the Model S, but Porsche has voiced some skepticism about just how long the potent Tesla can keep that up on the track.

Porsche is doubling down on electric cars, saying it will pour over €6 billion (about $7.1 million) into electromobility by 2022.

The Taycan will be the first of Porsche's electric models but the carmaker has big plans to go the electric way.

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Safeguarding Porsche's cachet and healthy profit margins as the company makes huge investments in electric cars and new digital services is vital for parent Volkswagen AG.

Porsche has officially announced the name of its new electric GT auto and it's Porsche Taycan.

The Taycan is the start of a broader electrification strategy at Porsche.

Giving a vehicle both electric and gas engines is like building an athlete that can sprint like a 100-meter champ and then pull away like a miler. About $600 million is for developing Taycan variants, a billion more for adding EVs and hybrids to today's product range, several hundred million to expand production sites and around $800 million for new technologies, charging infrastructure, and smart mobility. A new paint shop, dedicated Taycan assembly area, and a conveyor bridge that will move painted bodies and drive units to the final assembly area are already under construction.

The all-wheel-drive Taycan use two electric motors - one on each axle - drawing their power from lithium ion batteries mounted in the floor.