Reports of a smaller, less expensive Mercedes-Benz SLS AMG are nothing new. Back in May, we told you that the car would probably be called the SLC, and in June we reported that the car could hit the market as early as 2014, packing as much as 500 horsepower from a 5.5-liter, twin-turbo V-8.

Targeted against the Porsche 911, Mercedes-Benz and AMG understand that they have one chance to get the car right. Speaking to Auto Express, AMG’s director, Christoph Jung, explained, “This is the next market for AMG, and we are considering what is the right package.”

That’s another way to say that the project is still in the early stages, but Jung was willing to confirm a few details on the upcoming SLC. It will be a two-seater, with an initial coupe offering likely to be followed by a roadster variant. It will feature a front-mounted V-8, since Jung says, “we have heritage and customers expect it.”

If AMG’s latest 5.5-liter, twin-turbo V-8 is used, the car could see 0 to 60 times around four seconds, with a corresponding top speed of 185 miles per hour (assuming it’s not governed at 155 mph). Expect the car to have fuel-economy boosting technology, like stop-start and possibly cylinder deactivation, as well.

Jung views the 60,000 Euro ($79,092) projected starting price of the Jaguar C-X16 as “very ambitious.” The SLC AMG would need to start at 80,000 Euros ($105,456) to be profitable, and that’s on par with the 2012 Porsche 911 Carrera GTS, which starts at $103,100 in the U.S. market.

It’s also $25,000 more expensive than the base 2012 Porsche Carrera, so Mercedes may need to rethink its position on pricing prior to launch, though European pricing tends to be significantly higher than what we see in America. Since the car won’t hit the roads before 2014, Mercedes-Benz still has plenty of time to work out the details.