Porsche announced its official entry into Formula E and will begin racing from 2019. It also announced it was leaving the top category of Le Mans sportscar racing at the end of the season.
"Entering Formula E and achieving success in this category are the logical outcomes of our Mission E," Development Chief Michael Steiner said in a statement.
The realignment of Porsche's motorsport comes in the back drop of its Porsche Strategy 2025, which will see it develop a combination of pure GT vehicles and fully electric sports cars, such as the first fully battery-powered Mission E road car.
Porsche, whose factory team have been Le Mans champions for the last three years and won the World Endurance Championship (WEC) in 2015 and 2016, has already begun developing its own Formula E racing car this year.
The official announcement was widely speculated in the motorsport arena and comes after its German rival Mercedes announced its move to Formula E and exit from the German Touring Car (DTM) championship.
Steiner added, "Porsche is working on alternative, innovative drive concepts. For us, Formula E is the ultimate competitive environment for driving forward the development of high-performance vehicles in areas such as environmental friendliness, efficiency and sustainability."
Porsche joins Audi, BMW, Renault, Jaguar, Citroen, Mercedes and India's Mahindra along with Andretti, DS Virgin, Faraday Future, Nio, Techeetah, and Venturi, taking the total to 12 Formula E teams.
With its Porsche Strategy 2025, it is the right time for Porsche to invest, develop and design electric cars for its production models and Formula E is a good platform to learn.