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New details have emerged about Porsche's long rumored entry-level model.

Autocar is reporting the mid-engine sports car, tentatively dubbed the "new 356", will cost approximately £33,000 ($54,022 USD / €36,700). This likely means the entry-level 2.9-liter Boxster will be eliminated when it is redesigned.

Power will be provided by a turbocharged (or supercharged) four-cylinder engine with 250bhp. While details are limited, the engine is expected to be based on Porsche's current flat six with a displacement of 1.9- or 2.0-liters.

Set to ride on a new steel and aluminum platform, which will also underpin Audi's upcoming R4, the 356 should be lightweight and highly responsive. While the cars will share a common structure and several major components (the transmission, electrical system, and some suspension pieces), they will both have unique styling and personalities.

According to Autocar, the R4 will be launched in June 2011 and the 356 will arrive in late 2012.

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