(from Porsche Press
Release) The Supervisory Board and the Board of Management
of Dr. Ing. h.c. F. Porsche AG, Stuttgart, gave their go-ahead today
for the development and production of a further Porsche model
series. The new car is a premium class Sports Coupé with four seats
and four doors, and will be powered by various engines. The power
unit will be fitted at the front and will drive the rear wheels.
The fourth model series built by the Stuttgart car maker following
the 911, the Boxster and the Cayenne will be called the "Panamera",
a name derived from the legendary Carrera Panamericana long-distance
race, and is scheduled to enter the market in 2009. Porsche's total
investment in the new model series, including development, will be
more than Euro 1 billion and will come entirely from the Company’s
own funds. Expected sales are at least 20,000 units a year.
Production of the Panamera is to be in Leipzig, where Porsche
already builds the Cayenne Sports Utility and the Carrera GT
High-Performance Sports Car. The final decision will require further
detailed talks at the Plant, which will be held by the Board of
Management of Porsche AG and the Management of Porsche Leipzig GmbH
with representatives of the employees.
This would also require a major extension of the assembly hall
already in operation today starting in 2006/2007. Should the site be
chosen for production of the Panamera it would potentially create
some 600 new jobs in Leipzig alone. In the course of the project
approximately 400 more new jobs will be created at Porsche's
original plant in Stuttgart-Zuffenhausen, where the engines for the
fourth model series will be built, and at the Weissach Development
In the words of Dr. Wendelin Wiedeking, the President and CEO of
Porsche AG: "We have indeed taken a lot of time in making this
decision. But now we know one thing for sure: The Panamera is the
right car for Porsche, as it has all that typical DNA characteristic
of a genuine sports car. In terms of performance, design, and
driving dynamics it meets Porsche's high standards in every respect.
Through this Sports Coupé we are making our customers an attractive
offer in the top performance segment."
Wiedeking stated that Porsche will be developing and building the
Panamera through the Company's own resources: "We will be developing
a separate platform for our fourth model series in Weissach. There
are no plans for a joint venture with another car maker. But to
ensure the profitability of this new model series we will cooperate
more closely than so far with selected system suppliers."
In the words of Porsche's President and CEO, the German share in the
creation of value with the Panamera will be approximately 70 per
cent. Like the 911, the Boxster and the Cayenne, the Panamera will
also bear the "Made in Germany" stamp of quality.