Recently, we received word that Porsche was prepping a Ferrari-fighting model that would slot above the 911 and below the upcoming 918 within the Porsche lineup, and now, we have confirmation that this new sports car is, in fact, on its way.

The German automaker was tired of seeing Ferrari face little competition in its class. Matthias Mueller, Porsche CEO, is pushing the automaker to produce a sports car that will cost between 250,000 and 400,000 Euros (about $363,000 to $580,000), and has its sights set squarely on taking sales away from Italy's prancing horse.

For now, that's about all we have in the way of details. Still, we expect good things – we certainly won't turn away at the idea of one more Porsche sports car out on the road.