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Porsche Bets on Faster $123,000 Iconic 911

Porsche AG unveiled the revamped 88,000-euro ($123,000) 911 sports car today, seeking to stem declining sales of its iconic model and renew the brand’s heritage as a maker of two-seat performance vehicles.

The Stuttgart, Germany-based company, which now sells more Cayenne sport-utility vehicles and Panamera sedans than Boxster and Cayman sports-cars, is overhauling the 911 for the first time since 2004. It will add a compact SUV in 2013.