July 28, 2005 Porsche is to build a new Panamera model line - a premium-class sports coupe with four seats, four doors, a front-mounted engine and rear wheel drive. Scheduled to enter the market in 2009, the Panamera will be the fourth model line from the Stuttgart carmaker following the 911, the Boxster and the Cayenne. The new car's name is derived from the legendary Carrera Panamericana long-distance race.
Production of the Panamera is to be in Leipzig, where Porsche already builds the Cayenne SUV and the Carrera GT supercar. The final decision will require further detailed talks between the Board of Management of Porsche AG and the Management of Porsche Leipzig GmbH with representatives of the employees. Porsche's total investment in the new model line, 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.
"The Panamera is a perfect fit for Porsche," said Dr. Wendelin Wiedeking, the President and CEO of Porsche AG. "It has all the 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 a highly attractive offer in the top performance segment."
Porsche will develop and build the Panamera using the company's own resources. "We will be developing a separate platform for our fourth model line at our Weissach R&D center," said Wiedeking. "There are no plans for a joint venture with another car maker, but to ensure the profitability of this new model line we will cooperate more closely than so far with selected system suppliers."