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Porsche Board Set to Approve $640,000 Spyder Supercar

Porsche 918 Spyder hybrid automobile
A Porsche 918 Spyder hybrid automobile is seen on display on the second press day of the Geneva International Motor Show in Geneva, Switzerland, on March 3, 2010. Photographer: Adrian Moser/Bloomberg

Porsche SE’s supervisory board is set to approve the production of its 918 Spyder hybrid sports car at a meeting next week, according to two people with direct knowledge of the matter.

Porsche plans to develop the vehicle at a research facility in Weissach near Stuttgart, Germany, and build it at the main plant in Zuffenhausen, said the people, who asked not to be identified because the information is confidential. The July 28 board meeting may also discuss Porsche’s financial performance for the year ending July 31, they said.

The 918 Spyder, one of three hybrid models Porsche presented at the Geneva auto show in March, has attracted at least 2,000 non-binding submissions of interest, people familiar with the matter said on July 12. Porsche needs at least 1,000 sales pledges to sign off on building the car, development chief Wolfgang Duerheimer said in April.

“The Spyder will pay off for Porsche even though it may only come in limited numbers,” said Tim Schuldt, an analyst at Equinet AG in Frankfurt who recommends buying the stock. The vehicle may be introduced in about three years, Schuldt said.

The supercar, which soars to 100 kilometers an hour in 3.2 seconds, may be priced at about 500,000 euros ($640,000), topping the Carrera GT as Porsche’s costliest model, people familiar with the matter said July 12. No more than 1,500 units of the Carrera GT were produced.

Workers’ Accord

Albrecht Bamler, a Porsche spokesman, declined to confirm the board meeting.

The two-seater car accelerates to a top speed of 320 kilometers (199 miles) per hour, relying on a 500-horsepower V8 engine and electric drive-systems allowing the vehicle to run up to 25 kilometers on electric power.

Stuttgart-based Porsche agreed with worker representations this week on measures to preserve jobs and improve productivity through 2015. The accord includes a pledge to build the 918 Spyder if the car draws sufficient interest, people familiar with the matter said today.

Porsche plans to add models with a goal of doubling annual sales to as many as 150,000 vehicles over the medium term, and benefit from savings from a merger with Volkswagen AG.

Shares of Porsche rose 1.66 euros, or 4.4 percent, to 39.13 euros at the 5:30 p.m. close of trading in Frankfurt. The stock has dropped 11 percent this year, valuing the carmaker at 6.9 billion euros.

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