First look: Porsche confirms Panamera sedan!

TRUE to its word, Porsche this week confirmed it will produce a fourth model line – some seven weeks before its self-imposed deadline at the Frankfurt motor show.

Along with the confirmation, the Zuffenhausen sports car maker issued a crude sketch of the all-new "premium Sports Coupe with four seats and four doors" that will enter production in 2009.

As previously reported by GoAuto, the new model – to be called Panamera – will be powered by a range of front-mounted engines driving the rear wheels.

Hot on the heels of launching the Boxster-based Cayman coupe in Europe and flush with profits from its successful 911 and Boxster models, Porsche says the name is derived from the legendary Carrera Panamericana long-distance race.

Porsche's total investment in the new model series, including development, will exceed one billion Euro, and global production – likely to take place at its Leipzig factory alongside Cayenne - is expected to surpass 20,000 vehicles.

"We have indeed taken a lot of time in making this decision," said Porsche AG president and CEO, Dr Wendelin Wiedeking.

"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 Coupe we are making our customers an attractive offer in the top performance segment.

"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 co-operate more closely than so far with selected system suppliers," he said.