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Official: Green light for the fourth model: Porsche Panamera set to arrive in 2009
Green light for the Panamera! The Supervisory Board and the Executive Board of Porsche have given their approval for the development and production of a additional model The new car is a premium sports coupe that is scheduled to hit the market in 2009.
The Panamera will have four seats and four doors and will be available with various engine options. The sports coupe will be powered by a front engine that drives the rear wheels. The fourth model series, joining the 911, Boxster, and Cayenne, got its name from the Carrera Panamericana, the legendary long-distance race held in Mexico. Sports cars from Zuffenhausen were constantly among the fastest there in the 1950s, and scored many a triumph. Porsche’s total investment for the new model series, including development costs, will amount to over a billion euros, and the company will finance it entirely from its own resources.
Worldwide sales are expected to reach at least 20,000 units a year. The Panamera could be produced in Leipzig, where the Cayenne SUV and the Carrera GT supercar are assembled. Before this happens, the Executive Board of Porsche AG and the management of Porsche Leipzig will have to conduct detailed negotiations with employee representatives at the Leipzig plant. The existing assembly hall on the Leipzig site would require a major extension, with construction starting in 2006–’07. Building the Panamera in the Leipzig plant could add 600 jobs there. At the main plant in Stuttgart-Zuffenhausen, where the engines for the fourth model series are to be built, and at the Development Center in Weissach, Porsche will add about 400 additional new jobs over the course of the project.
Dr. Wendelin Wiedeking, CEO of Porsche AG, explains the decision to produce the Panamera as follows: “We have indeed taken a lot of time making this decision. But now we know one thing for sure: The Panamera is the right car for Porsche, as it has all those typical DNA characteristics 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.” Wiedeking announced Porsche’s intention to put the Panamera on the road using its 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 with selected system
suppliers than we have in the past.” The German share of the value creation for the Panamera will, according to the Porsche CEO, be around seventy percent. Thus, like the 911, the Boxster, and the Cayenne, the Panamera will be able to bear the “Made in Germany” seal of quality.