The Supervisory Board and the Board of Management of Dr. Ing. h.c. F. Porsche AG, Stuttgart, gave their approval today for the development and production of another Porsche model line. To be called Panamera, the new car will be a premium-class sports coupe with four seats, four doors, and a choice of front-mounted engines driving the rear wheels.

Scheduled to enter the market in 2009, the Panamera will be the fourth model line from the Stuttgart carmaker following the 911(R), the Boxster(R) and the Cayenne(R). 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(R) 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."

Production of the Panamera in Leipzig would potentially create some 600 new jobs there. 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 line will be built, and at the Weissach Development Center.

Like the 911, the Boxster and the Cayenne, the Panamera will bear the "Made in Germany" stamp of quality. Domestic share of the Panamera's overall assembled value will be approximately 70 percent.

Porsche Cars North America, Inc. (PCNA), based in Atlanta, Ga., and its subsidiary, Porsche Cars Canada, Ltd., are the exclusive importers of Porsche sports cars and Cayenne sport utility vehicles for the United States and Canada. A wholly owned,indirect subsidiary of Dr. Ing. h.c. F. Porsche AG, PCNA employs approximately 300 people who provide Porsche vehicles, parts, service, marketing and training for its 208 U.S. and Canadian dealers. They, in turn, provide Porsche owners with best-in-class service.