Hey, Tesla — you have some competition ready to drive right up to the light.

Porsche announced Thursday that the Mission E, its first 100-percent electric-powered vehicle, will be launched by 2020, after the supervisory board of the Porsche AG gave the vehicle the green light.

After already impressing at the International Auto Show in Frankfurt this past September, the Mission E getting the green light figures to only apply more pressure on Tesla's Model S.

Cranking out 600-plus horsepower, the Mission E hits 0 to 62 mph in under 3.5 seconds, while promising a range of upwards of 310 miles. In addition, the Mission E's quick-charge system boasts an 80 percent charge in 15 minutes flat — two times as fast as the best electric car chargers currently available. Porsche also says that its Mission E can optionally be "refueled wirelessly by induction via a coil set into the garage floor."

"With Mission E, we are making a clear statement about the future of the brand," Dr. Wolfgang Porsche, Porsche's chairman of the supervisory board, said in the automaker's press release statement. "Even in a greatly changing motoring world, Porsche will maintain its front-row position with this fascinating sports car."

Dr. Oliver Blume, chairman of the Porsche's executive board, hinted at the challenge of taking on Tesla head-on with the Mission E.

"We are resolutely taking on the challenge of electric mobility," Blume said. "Even with solely battery-powered sports cars, Porsche is remaining true to its philosophy and offering our customers the sportiest and technologically most sophisticated model in this market segment."