Following the launch of its all-electric Taycan, Porsche (POAHY) has confirmed that the EV will begin production on Sept. 9 at a new factory in Zuffenhausen, Germany.

Porsche took the wraps off both the Turbo and Turbo S Taycan on Wednesday, showcasing a “saloon” car that has a top speed of 260 kph and a driving range of 450 and 412 km, respectively. This is the first all-electric vehicle from the automaker, that signals more EVs to come under the Taycan moniker in the near future.

The electric vehicle, which is destined for the global market, required Porsche to build a body shop, paint shop, and new plant to build electric motors and components as well as a vehicle assembly area and connecting transport technology development, the company said. Price of the Taycan is expected to start at $150,000.

The new CO2-neutral plant will ramp up production of the Taycan to a capacity of 20,000 to 40,000 units annually, which is dependent on demand for the EV. Deliveries of the Turbo and Turbo S will arrive in the European market first with the vehicle showing up at dealers in North America early next year, Porsche said.

According to Albrecht Reimold, a member of the executive board for production and logistics at Porsche, “The new plant reflects the brand’s tradition and sends out a clear signal about the future of Porsche. It was a deliberate decision to build the Taycan in Zuffenhausen – the home of the brand’s heart and soul.

“We’ve built a factory inside a factory — in the middle of the city and close to our neighbours, in the most confined of spaces, in the shortest possible time and without disrupting the existing sports car production facility running at full capacity.

“Now the factory has been completed on schedule and without any major setbacks. This was possible due to meticulous planning and an excellent team. Close dialogue with our neighbors was also crucial. We kept them fully up to date on developments throughout the entire course of the project,” he added.

Shares of Porsche stock were up 0.46 percent as of 11:51 a.m. ET on Friday.