Following rampant speculation and numerous unconfirmed reports, Porsche has released a statement officially approving the development of the Porsche 918 Spyder.

First showcased as a design study at the 2010 Geneva Motor Show, overwhelming response from the public and prospective buyers have set Porsche on a mission to develop a production model based on the Porsche 918 Spyder concept.

Michael Macht, President and Chairman of the Board of Management of Porsche AG: “Production of the 918 Spyder in a limited series proves that we are taking the right approach with Porsche Intelligent Performance featuring the combination of supreme performance and efficient drivetrain concepts. We will develop the 918 Spyder in Weissach and assemble it in Zuffenhausen. This is also a very important commitment to Germany as a manufacturing base.”

If the final production model is true to the concept version, expect to find a 3.4-litre V8 engine churning out 372kW and another two electric motors developing a combined 162kW – effectively resulting in a total power output of 534kW.

Performance will be as brisk as its power figures would suggest, reaching 100km/h in just 3.2 seconds from a standstill with an expected top speed over 300km/h.

Although what makes this car so special isn’t measured in horsepower – the concept study of the Porsche 918 Spyder produces CO2 emissions of just 70g/km, corresponding to fuel consumption of 3.0-litres per 100km – making it more efficient than a Toyota Prius.

Further details of the Porsche 918 Spyder’s development will be released in the coming months.