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Porsche plans new sedan to rival Mercedes: report

Former Porsche CEO, Wendelin Wiedeking, introduces the Porsche

Former Porsche CEO, Wendelin Wiedeking, introduces the Porsche Panamera at conference at the Porsche factory in Leipzig Germany on May 19, 2006. The automaker said that it will no produce a smaller version of the Panamera sedan by 2017. Credit: AP Phot

German sports car maker Porsche will introduce a smaller version of its four-door Panamera sedan by 2017, at the latest, weekly magazine Auto Bild reported on Thursday, citing no sources.

The new car labeled Pajun will expand Porsche's portfolio to six model lines and compete with the E-Class made by Daimler's (DAIGn.DE) Mercedes-Benz and its CLS coupe, the magazine said.

Costs for the Pajun will range between 65,000 euros ($84,100) and 100,000 euros.

Porsche spokesman Hans-Gerd Bode told Reuters there were many ideas for a sixth model but decisions had not been taken.

Chief Executive Officer Matthias Mueller has said that Porsche may expand its model lines to seven from four to help achieve its goal of increasing annual sales to about 200,000.

Porsche makes the 911 sports car, the Boxster/Cayman series, the Cayenne SUV and the Panamera. The company will next year start building a fifth model, the Macan compact SUV.

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