Porsche’s upcoming all-electric car that the Volkswagen Group has pledged to spend more than $1 billion developing will be called Taycan--a name that the company says is roughly translated as “lively, young horse” in a nod to its iconic emblem.

Porsche announced Friday the name for its electric model, which was originally called Mission E, as part of the "70 years of Porsche Sports Cars" ceremony. Porsche will begin production of the Taycan--pronounced tai-kan--next year. The electric sports car is expected to go on sale at the end of 2019.

Taycan’s power train will production more than 600 horsepower that will allow the electric car to go from 0 to 60 miles per hour in under 3.5 seconds and to 124 mph on the track in less than 12 seconds, the company said.

The vehicle's battery will be able to travel 300 miles on a single charge based on measurements from the New European Driving Cycle (NEDC).

The all-electric four-door sports car is designed to sit between the Panamera and the 911 in Porsche's portfolio.

Porsche first revealed the Mission E concept in 2015 at the International Auto Show in Frankfurt. The automaker hasn’t announced an official price yet. Chairman Oliver Blume told CAR last year that the vehicle will be priced like an entry-level Panamera, which is $85,000.

Porsche plans to invest more than 6 billion euros ($7 billion) in electric vehicle technology by2022, doubling the investment that the company had originally planned.

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