Good news for Porsche->ke1 lovers, the German automaker has decided to put the 918->ke3629 into production. The 918 was first seen at this year’s Geneva Motor Show with a plug-in hybrid motor that could manage 78 miles per gallon, or so they claimed.

The concept car used a 500-horsepower V8, along with a pair of electric motors with 109 horsepower each. There was also a lithium-ion battery back that could give drivers 16 miles of emissions-free driving. We don’t except that crazy engine setup to change when the car is put into production.

We have heard a few rumors that suggest the 918 Spyder will cost $650,000, but it should qualify for tax credit, not that it means much. The $7,500 credit won’t do much to soften the blow. This car makes even a Ferrari 612->ke396 seem cheap. You could buy a Nissan Leaf to be green and an Aston Martin DBS->ke1479 for fun and still have money left over before you reach the price tag of the 918.

Hit the jump to see the press release.

Green Light for Series Development of the 918 Spyder

Stuttgart. In its session today, the Supervisory Board of Dr. Ing. h.c. F. Porsche AG, Stuttgart, gave the green light for series development of the Porsche 918 Spyder. Reflecting the overwhelming response from the public and customers to the Concept Study, the Supervisory Board gave Porsche's Board of Management the mission to develop a production model based on the car already presented. This concept version of an ultra-high-performance mid-engined sports car with plug-in hybrid technology made its debut at the 2010 Geneva Motor Show and at Auto China in Bejing, hitting the headlines worldwide.

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."

The Concept Study of the 918 Spyder allows CO2 emissions of just 70 g/km, corresponding to fuel consumption of 3.0 litre/100 km (94.1 mpg imp) in the NEDC, on the one hand, and the performance of a super-sports car, on the other. This extremely efficient drivetrain technology then forms a symbiosis in the 918 Spyder with truly outstanding design and high-tech motorsport achievements. Further product details of the 918 Spyder will be disclosed in the months to come.