Porsche?s 918 Spyder plug-in hybrid sports car received the approval of the company?s supervisory board at a July meeting.? Based on overwhelming response from the public and customers to?the Concept Study, the Board gave Porsche?s board of Management the approval to proceed with development.

With styling evolving from Carrera GT, the 3,300-pound carbon-fiber body Spyder is powered by a mid-mounted 500-hp, gas V-8 engine and a pair of electric motors adding an additional 218-hp. The all-wheel drive two-seater accelerates from 0 to 62 mph in just 3.2 seconds and has a top speed of 198 mph.

The concept drew at least 2,000 non-binding submissions of interest from customers and Reuter?s news agency reported that people familiar with the matter said. Porsche needed at least 1,000 sales pledges to sign off on building the car.? Tim Schuldt, an analyst at Equinet AG in Frankfurt said production of the 918 Spyder is expected to be limited to 1,500 cars that will likely carry a price tag of about $650,000.? He said the cars may be ready for introduction as early as 2013.

The Concept Study of the 918 Spyder allows CO2 emissions of just 70 g/km,?corresponding to fuel consumption of 3.0 liter/100 km (94.1 mpg imp) in the New European Driving Cycle, on the one hand, and the performance of a super-sports car, on the other. This extremely efficient drivetrain technology forms a symbiosis in the 918 Spyder with truly outstanding design and high-tech motorsport achievements. Further product details of the 918 Spyder will be disclosed in the months to come.