As expected, the Porsche supervisory board has approved the development of the 918 Spyder concept into a series production model. The 918 debuted as a concept at this year’s Geneva Motor Show with a plug-in hybrid powertrain claimed to provide 78 miles per gallon.

The concept used a 500-horsepower V8 along with a pair of electric motors with 109 hp each and a lithium ion battery that can provide 16 miles of emissions-free driving from grid energy. The powertrain is not expected to be changed much for production and Porsche has not announced when 918 will be available. There has been speculation that the production model could cost up to €500,000 (about 0,000 USD), although if it comes to the States, it should be eligible for a federal tax credit. Even with up to ,500 it still makes the Chevrolet Volt look downright cheap.

Before you start looking in your couch cushions for a down payment, check out the official press release after the jump and our high-res gallery below.

[Source: Porsche]

Continue reading BREAKING: Porsche approves 918 Spyder for production

BREAKING: Porsche approves 918 Spyder for production originally appeared on Autoblog on Wed, 28 Jul 2010 11:32:00 EST. Please see our terms for use of feeds.

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