Porsche CEO Michael Macht confirmed the company is "intensively" working on an electric sports car.

According to a recent report, Porsche is developing an electric vehicle.

In an interview with German magazine Welt am Sonntag, Porsche CEO Michael Macht confirmed the company is "intensively" working on an electric sports car. While a concept may appear shortly, Macht stated production would likely be five to ten years away.

It remains unclear if the electric vehicle would be a 911, Boxster, Cayman or a whole new model. The latter could be a possibility since Macht restated Porsche's goal of nearly doubling sales to 150,000 vehicles per year. Regardless of what form it takes, the company promises the EV will deliver the same handling characteristics as a Porsche with a gasoline engine.

During their Frankfurt Motor Show press conference, Porsche stated they were considering electric vehicles but current battery technology wasn't "sufficient to meet Porsche's strict requirements." At the time, Macht said "We are therefore taking the first step in this direction with a full hybrid - in the Cayenne, the Panamera and maybe in the not too distant future also in a racing car or a production 911. Why not?"

We'll have to wait and see what the future brings, but the Porsche EV will undoubtedly face competition from the Mercedes SLS AMG eDrive and a possible production Audi e-Tron.

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Porsche Developing an Electric Vehicle - report