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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.

Audi has said that it wants to double the number of vehicles it offers by 2015. With 22 vehicles currently in the mix, adding coupes, convertibles, avants and sportbacks will help significantly expand the range in addition to new models like the Q5 SUV, A7 coupe-like-sedan, and A1 compact.

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