From Porsche press: The first sports car to bear the name Porsche was built in spring 1948 in the small Austrian town of Gmünd (Province of Carinthia). Creating this unique vehicle, Ferry Porsche for the first time lived out his idea of a truly modern sports car.
The prototype Porsche Type 356 “No. 1” was ready to go on 8 June and the Carinthian State Government issued a special permit for testing on public roads. This mid-engined sports car was powered by a VW engine increased in its output to 35 bhp. Weighing 585 kg or 1,290 lb, the Porsche 356 “No. 1” achieved a top speed of 135 km/h (84 mph). In August 1948 the car clearly proved its sporting qualities in the Innsbruck City Race.