Porsche (VOWG_p.DE) will spend about 1 billion euros ($1.09 billion) to ready production facilities at its biggest plant for the advent of its first-ever all-electric sports car.

The Volkswagen-owned manufacturer said on Friday it will create more than 1,000 new jobs at its base in Zuffenhausen where a new paint shop and assembly line will be set up to build the battery-powered Mission E model.

(Reporting by Andreas Cremer; Editing by Arno Schuetze)

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