German group Porsche is planning to develop a sportscar that would compete directly with the more exclusive Ferrari brand, its chief executive said.
"It always irritated me that the (most expensive) 911 tops out at 250,000 euros ($360,000) and then the 918 continues starting at 750,000 euros," Matthias Mueller told German daily Sueddeutsche Zeitung in an interview published on Monday.
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"In between, Ferrari moseys around relatively comfortably and without any competition. That is where we need to be. There is still space for a larger sports car, one like the 959 that we built in the 1980s."
He said such a model could cost 250,000-400,000 euros.
So far, the company had projected to have seven model lines, up from the four it is currently selling. A new, pricier sports car would be number eight.
Mueller has planned -- in addition to the existing four model lines Boxster, 911, Cayenne and Panamera -- a small mid-engine roadster patterned on the 550 Spyder, a smaller SUV dubbed the Cajun and a smaller version of the Panamera GT.
Volkswagen holds 49.9% of Porsche's sportscar business.
($1 = 0.696 euro)