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Porsche is apparently still working on a new small sports car designed to give the Lotus Elise something to chew on, at least if the reports coming from CAR Magazine are to be believed. Code-named Project Mimo, the vehicle is slated to be positioned below the Boxster and be built on the bones of the rumored Audi R5 and Volkswagen BlueSport convertibles.

CAR reports that all three machines are currently mired in the engineering feasibility stage of production, which means the whole lot could be binned at any moment. Even so, the Mimo is rumored to come with a 1.9-liter flat-four-cylinder engine under its hood.

The Audi, meanwhile, will likely pack a version of the company's stout inline five-cylinder, leaving the BlueSport to work with whatever green-tilted powerplant Volkswagen can come up with. The small-displacement flat-four in the Mimo will likely be paired with a turbo for something around 210 horsepower, according to CAR. That sounds fun and all, but we like the notion of a Porsche with a price tag of less than the $48,100 the German automaker asks for the Boxster.