Porsche’s 70th anniversary celebration continues as the company has used the event to announce the production version of the Mission E concept will be called the Taycan.

Meaning “lively young horse,” in a reference to the animal on the company’s crest, the Taycan will become Porsche’s first electric sports car when it enters production next year.

Besides confirming the name, Porsche CEO Oliver Blume revealed the Taycan will be powered by two electric motors that produce a combined output of more than 592 hp (441 kW / 600 PS). This will enable the car to accelerate from 0-100 km/h (0-62 mph) in 3.5 seconds and 0-200 km/h (0-124 mph) in less than 12 seconds. Despite the impressive performance, the Taycan will have a range in excess of 500 km (310 miles) in the New European Driving Cycle.