Porsche yet to approve Ferrari 458-rivaling mid-engine supercar

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2015 Porsche 918 Spyder

2015 Porsche 918 Spyder

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Porsche recently ruled out any chance of a new entry-level sports car positioned below the Boxster, and now there are fears plans for a new mid-engine supercar positioned above the 911 and designed to take on the likes of the Ferrari [NYSE:RACE] 458 Italia could also be put on ice.

The last we heard, the new supercar, billed as a successor to the legendary 959 and referred to internally as the 988, would be launched around 2017 and be the first model to ride on a modular sports car platform being developed by Porsche for its next-generation Boxster, Cayman and 911 models.

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Now, insiders have told Autocar that approval for the project is yet to be received from higher ups, and all work surrounding it has been put on hold. Resources are now are being used for development of updated versions of the 911 and Boxster/Cayman as well as next-generation versions of the Panamera and Cayenne.

Rumors of the new supercar first surfaced back in 2011, with none other than Porsche CEO Matthias Müller revealing a desire to add a new model to the brand to serve as its flagship in the years when there was no limited-edition model like the 918 Spyder on offer.

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