Porsche announced Friday that its long-running Mission E electric sedan will be called the Porsche Taycan when it starts production next year.

The 2020 Porsche Taycan (pronounced "tie-con") takes its name from the horse on the Porsche crest, according to the automaker, which itself was taken from the Stuttgart coat of arms. The name Taycan means "lively young horse," according to Porsche.

According to Porsche when the Taycan arrives, it will feature two electric motors producing more than 600 horsepower and will accelerate up to 60 mph in less than 3.5 seconds. Its battery pack will provide with more than 300 miles of range, measured on the European cycle. (The number in the U.S. is likely to be lower due to more stringent test cycles.)

The Taycan will likely share its bones with the Audi e-tron GT (but not the Audi e-tron), and will take head on the Jaguar I-Pace, Tesla Model S, and others in a quickly growing luxury electric car movement.

In addition to the new name, Porsche doubled down its investment in electrification Friday.

Already, the company has committed more than $3.5 billion (3 billion Euros) to electrifying its fleet, but Porsche added that it would invest a further $3.5 billion beyond the original amount. From that additional investment, $588 million will be spent on the Taycan and its derivatives, which may include higher performance models or taller wagon Cross Turismo, another $1.2 billion for electrifying current Porsche vehicles, and more than $800 million for charging infrastructure and further research.

Porsche Mission E Cross Turismo concept

Porsche Mission E Cross Turismo concept

That last figure is especially important considering the Taycan's sizable charging capabilities. Porsche has said that when the Taycan goes on sale, it'll recharge from empty to 80 percent in 20 minutes, which the company has already called "Turbo Charging." The 800-volt chargers can deliver up to 350 kilowatts through unique liquid-cooled cables.

Porsche has said that it would build ultra-fast charging stations at all of its 189 dealerships in the U.S. and 300 more. Nearly 500 ultra-fast charging stations should cover the needs for Taycan owners, Porsche said.

The Taycan will be built in Stuttgart next year, and Porsche said it has invested hundreds of millions of dollars in new paint shops, motor factories, and transport.

Porsche hasn't said when the new Taycan will show in its final production form, but it's likely to appear around the 2018 Los Angeles auto show or before.