FRANKFURT -- Porsche is close to announcing plans to expand its model lineup.
"In the not-too-distant future, we will present a seventh model line" that would hit the market by 2020, Porsche CEO Matthias Mueller said at the automaker's annual press conference this month. "There are already promising plans, but no board decision yet."
Porsche is considering an electric car to comply with environmental regulations and counter the rise of Tesla. In January a German car magazine reported that Porsche would sell its long-planned Pajun sedan, a smaller version of the Panamera, only as an electric car to compete with vehicles such as the Tesla Model S.
In addition, Porsche previously said it might expand the Panamera model line with a more spacious station wagon variant.
Porsche also is considering a new sports car between the 911 and the 918 Spyder plug-in hybrid supercar. The new sports car model would be designed to challenge Ferrari.
The automaker's current model lines are the 911, Boxster/Cayman, 918 Spyder, Panamera, Cayenne and Macan.