Porsche's CEO Matthias Muller has confirmed that the company is working on a Ferrari 458 Italia rival. Will cost around 250,000 pounds.

Porsche CEO Matthias Muller has confirmed that they are working on a new model to tackle the Ferrari 458 Italia and McLaren MP4-12C.

Although rumored to be called 961 after the famous 959-based Group B sports car (pictured above), it's certain that the vehicle will be slotted above the 911 GT2 RS and below the upcoming flagship 918 Spyder. It is expected to cost somewhere around 250,000 pounds and will use some of the tech Porsche developed for the hybrid supercar.

Under the hood it could get the 918’s V8 4.6-liter engine with an estimated output of 570 hp (425 kW), enough for a 0-62 mph (0-100 km/h) sprint in a little over three seconds. As a reminder, the Italia and McLaren MP4-12C both perform the sprint in approximately 3.3 seconds.

This new 961 model will be part of Porsche’s strategy to reach annual sales of 200,000 units by 2018. However, most of the work will be done by the next-gen Cayenne and Panamera, along with the upcoming Macan.

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