DailyTech first brought you news of the Porsche 918 Spyder back in March when the concept was unveiled at the Geneva Auto Show. Over the past few months, Porsche has discussed the viability of bringing such a vehicle to production. A little over a week after its initial public debut, Porsche CEO Michael Macht explained, "There is no one inside Porsche who doesn't want to build the 918."

Well, today Porsche confirmed that it will indeed put the gorgeous 918 Spyder into production. Porsche stated in a press release that the vehicle was approved for production by its Supervisory Board.

"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," added Macht. "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 3,285-pound 918 Spyder will pickup where the V10-powered Carrera GT left off as the company's flagship sports car. The vehicle used a mid-mounted 3.4-liter V8 producing 500 hp along with one electric motor at each axle which add an additional 218 hp. Power is transmitted to the rear wheels via Porsche's seven-speed Porsche-Doppelkupplungsgetriebe (PDK) dual-clutch transmission while the front wheels are driven by a fixed ratio transmission.

Porsche says that its latest creation is capable of accelerating to 60 mph in just 3.2 seconds, and the company uses “fuzzy math” to come up with a 78 mpg fuel economy rating for the vehicle due its plug-in electric capabilities.

While Porsche purists may scoff at such monstrosities as the Cayenne SUV and the Panamera sedan (which is now Porsche's best-selling model), the profits reeled in from these side ventures are what's helping Porsche to fund such projects as the 918 Spyder and all-electric variants of the Boxster.