Porsche has announced they are not working on a model to compete head to head with Tesla's Model S.
About two months ago we heard a report indicating Porsche's upcoming smaller Panamera (codenamed Pajun) will spawn an all-electric version to rival the Tesla Model S. However, it seem that won't happen in the near future as the company's research and development boss Wolfgang Hatz ruled out the possibility of an all-electric sports car, motivating his answer by saying the technology is not yet on par with the level of expectations customers have from a Porsche.
Talking to Autocar, Hatz said "until the technology offers a solution to those problems [short range, long charging times], we will not be looking at launching such a car." He went on to specify that Porsche is leading the way as far as plug-in hybrid technology is concerned and their plans are to focus on such systems as the customer feedback has so far been positive.
Note: Porsche Panamera Sport Turismo concept pictured.