Porsche is building a stunning Tesla rival -- here's everything you need to know

As Porsche gears up for its first push in the electric space, the automaker is also considering ditching diesel engines, CEO Oliver Blume told Reuters.

The luxury automaker is contemplating ditching diesel engines in the wake of Volkswagen’s emissions cheating scandal. Regulators are currently examining whether Porsche’s Cayenne SUV used the same engine-cheating software.

As Porsche considers moving away from diesel, the German automaker is preparing for its first foray into the electric space.

Porsche is spending $US1.16 billion to overhaul its Stuttgart plant in order to introduce the Mission E in 2019, Reuters reported. The Mission E is a four-door, battery-powered saloon and could become a serious Tesla rival.

Scroll down for a breakdown of the Mission E.

Get the latest Tesla stock price here.

The Porsche Mission E was given the green light for production in 2015. Here you see the Mission E concept that Porsche unveiled at the 2015 Frankfurt Motor Show, which gives us a hint of what will come in 2020.

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The Mission E will be Porsche's first all-electric production car.

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The concept packs an output of over 600 horsepower and can accelerate to 62 mph in under 3.5 seconds.

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For reference, Tesla's Model S in Ludicrous Mode can accelerate to 60 mph in just 2.4 seconds if you buy it with the 100 kilowatt-hour battery.

Porsche put a lot of thought into the car's battery tech. Its lithium-ion battery extends the entire length of the car to ensure that the weight is evenly distributed.

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It will also support inductive charging so the driver can park it over a base plate to power back up.

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Porsche tucked its charging port into the front fender, which is designed for an 800-volt charger made by Porsche. The automaker says its charger will allow it to recharge to 80% in just 15 minutes.

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It seats four ...

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... and comes with rear suicide doors for a dramatic touch.

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The concepts comes with an OLED instrument cluster that can track eye movement using a camera. So if a driver wants to activate a menu on the display, he or she can look at it and then press a button on the steering wheel to confirm the selection.

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The digital instrument cluster can also track the driver's movement. This way, if the driver moves his or her position, the instrument panel will shift to remain in the line of sight.

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Porsche said the other touchscreen displays in the concept would come with gesture control.

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Porsche replaced the exterior mirrors with cameras ...

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... which live-stream the car's surroundings on a display on the lower corner of the windshield.

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