Porsche has been at the forefront of hybrid performance cars, and now it’s readying an all-electric rival to the Tesla Model S called the Pajun. AutoCar reports that this new electric sedan will seek to be just as fast and go just as far as the Model S while wearing that enviable Porsche badge.

The Pajun adds a fifth model to the Porsche lineup, and while it will come with conventional drivetrains designed to compete with conventional automakers, engineers are putting extra effort into an all-electric model. The Pajun will use a shortened version of the Panamera’s MSB platform, and it will also aim to be substantially lighter than the Model S, which with its new Dual Motor Drive system can weight nearly 5,000-lbs. While Porsche has thus far invested heavily into hybrid technology, including the 919 Hybrid race car, the company may finally be ready to jump into fully-electric vehicles.

Powering the Pajun will be a cutting-edge synchronous electric motor every bit as powerful as the motor(s) in the Model S, and a new battery developed in conjunction with corporate partner Audi could give it a driving range of 250 miles per charge or more. The battery could even be shared with the upcoming Audi R8 e-tron, which was almost cancelled due to a lack of range though a battery deal between Audi and LG Chem seems to have saved it. Meanwhile Porsche Panamera E-Hybrid sales have been raking in the big bucks, helping Porsche reach new sales heights.

While Porsche focuses on combating the Model S, the Audi Q8 e-tron will be an electric SUV aimed at competing with the upcoming Tesla Model X. Porsche is also planning hybrid versions of all its models, including the 911 (eventually), but it looks like Elon Musk has really riled some feathers over in Germany with his electric sedan. Rumor has it that the 2012 Panamera Sport Turismo concept (pictured above) will influence the design of the Pajun.