Porsche developing its own Golf-based entry model?

If Porsches are good, more Porsches are better, especially if it means Stuttgart's model range will expand downward. Rumors are swirling that Porsche is working on its own version of Volkswagen's Golf/ Rabbit, which may be an opening salvo in a Porsche assault on BMW's slice of the pie with its 1 Series. An über-bunny above the R32 is certainly appealing, but we hope the styling smoothes some from from the melty rendering. There's potential there, but it could turn ugly fast like the Panamera four-door "coupe". Auto Bild is usually pretty close to the mark, however, so it wouldn't be surprising to see this very vehicle sometime around 2012. We're going to guess that most people will just see its taillights.
[Source: Motive Mag]