FRANKFURT -- Porsche AG is planning to develop a sports car that would compete directly with the more exclusive Ferrari brand, CEO Matthias Mueller said.
"It always irritated me that the (most expensive) 911 tops out at 250,000 euros ($360,000) and then the 918 continues starting at 750,000 euros," Mueller told the German daily newspaper Sueddeutsche Zeitung in an interview published on Monday.
He added: "In between, Ferrari cavorts around relatively comfortably and without any competition. That is where we need to be. There is still space for a larger sports car, one like the 959 that we built in the 1980s."
Mueller said such a model could cost 250,000 euros to 400,000 euros.