The upcoming all-electric Porsche Mission E sedan, with its 300-plus mile range and sub-four second 0-60 mile-per-hour acceleration, will likely be the Tesla Model S's first competitor. The new Porsche electric lineup, Bavarian EV, will hit the market in the next couple years. Borrowing a couple other tricks from the Tesla playbook, the new electric performance sedan could offer Level 4 self-driving technology, the carmaker's chairman says.

The new vehicle also promises to offer over-the-air software updates that unlock extra power. "It will be possible to work with over-the-air options,” Porsche chairman Oliver Blume says during the Geneva Motor Show. He adds that specifics has not been decided yet, but it could be possible to charge up the self-driving car with more power.

Blume reveals that Porsche Mission E is working on providing their vehicles with software updates like those pioneered by Tesla with its Model S. So when you have 400 horsepower, it could be possible to upgrade to 450 hp, he explains. Likewise, the electric car would be able to drive itself in some situations, the Auto Car reports.

However, Blume stresses that such capabilities would be reserved for times when Porsche drivers can't make the most of their car's performance. As with Tesla's Model S and Model X, the Porsche's electric lineup will come in multiple power outputs. According to Blume, the company will make more than one power outputs, with different levels of power, The Drive reports.

Porsche's Mission E is expected to be big business for the company. It could sell around 20,000 Mission E sedans a year, according to Blume, which would make up around 10 percent of Porsche sales based on current figures. The carmaker plans to move into the electric car space, such as a plug-in hybrid 911 as part of the broader VW Group's move to sell around three million electric cars a year by 2025.