We've only just seen the first pictures of the Porsche Macan that was known internally as the Cajun – for Cayenne Junior – and now it seems it's the turn of the Pajun.
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The latest project codename is apparently applied to a new compact sedan – yes, for Panamera Junior – that German car magazine Auto Bild says will be released in 2017.

Porsche has been exploring options for a sixth model in its range, to join the 911, Boxster, Cayman, Cayenne and aforementioned Macan as the brand targets 200,000 annual sales by 2018.

A baby sports car sitting below the Boxter/Cayman twins had been expected, but its chances of making into showrooms seems dependent on parent Volkswagen deciding whether it will put its 2009 VW BlueSport roadster into production.

The two mid-engined, rear-wheel-drive models would share a platform and key mechanicals, with an Audi – based on the 2010 Audi e-Tron Spyder concept – forming a triplet of sports cars from the VW Group.

The Porsche Pajun has also been among the rumours – as a rival to the likes of the BMW 5-Series and Mercedes-Benz E-Class - though Auto Bild doesn’t cite any Porsche insiders.

Porsche has told CarAdvice it can only confirm it continues to look at opportunities for new models beyond those already in production and the forthcoming Macan.

“There has been a lot of speculation regarding a sixth model for Porsche,” says Porsche Australia spokesman Paul Ellis. “All we can see is that we continue to look at all areas where we don’t have a competitor [model].”

Auto Bild claims the Panamera Pajun will cost between 65,000 and 100,000 Euros (85,000 to 130,000) in Europe, though with the typically high prices for sports and luxury cars in Australia pricetags would seem unlikely to start below $150,000.

The Porsche Panamera starts at 77,000 Euros ($99,000) in Europe but $194,900 in Australia, with a chunk of that accounted for by the federal government’s Luxury Car Tax.

Britain's Car magazine, which has one writer particularly well connected with the VW Group, reported in 2011 that the Pajun would comprise sedan, coupe and (wagon-style) shooting brake variants.

A coupe version of the Porsche Panamera - which would be a spiritual successor to the 928 - has also been rumoured.