Porsche is building a stunning Tesla rival - here's everything you need to know

As Porsche gears up for its first push in the electric space, the automaker is also considering ditching diesel engines, CEO Oliver Blume told Reuters.

The luxury automaker is contemplating ditching diesel engines in the wake of Volkswagen's emissions cheating scandal. Regulators are currently examining whether Porsche's Cayenne SUV used the same engine-cheating software.

As Porsche considers moving away from diesel, the German automaker is preparing for its first foray into the electric space.

Porsche is spending $1.16 billion to overhaul its Stuttgart plant in order to introduce the Mission E in 2019, Reuters reported. The Mission E is a four-door, battery-powered saloon and could become a serious Tesla rival.

Scroll down for a breakdown of the Mission E.