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Demand for Porsche's Taycan EV Is Sky High

More people want Porsche's electric sport sedan than expected

We learned late last year that Porsche would increase production of the Taycan to meet higher-than-expected demand for the electric vehicle that has yet to go on sale. Now, we're learning that boost in production will be quite significant.

Originally, the automaker planned to produce just 20,000 units a year. As it now stands, Porsche Taycan production will double to 40,000 units annually, the automaker confirmed to CNBC this week. "We had been ready for it," Andrew Lennon, a manager of product communication for Porsche, told the outlet. "We had the ability to increase capacity from the beginning, and executives recently made the decision to go ahead."

Porsche expects the Taycan will go on sale in the U.S. by the end of this year. Powered by two electric motors, the all-wheel-drive sport sedan will put out more than 600 horsepower. Hitting 60 mph from a standstill will take under 3.5 seconds, according to the automaker, and the car should run more than 300 miles on a single charge. There are also indications that Porsche plans to introduce higher-performance variants as well as a Targa model.

The Taycan will compete against the Tesla Model S. Because Tesla has sold more than 200,000 electric cars, the automaker's federal tax credits have been reduced from the original $7,500 amount, and they will continue to drop until going away completely in 2020. Meanwhile, Porsche buyers should be able to enjoy the full available tax credit until it makes enough EVs. Prices for the Taycan will slot in between the Cayenne and Panamera, so we're figuring it will cost roughly $80,000 to $85,000 to start.