As a result of the “overwhelming response from the public and customers” to its concept car, the Porsche board Wednesday gave its approval to the company’s project pertaining to the development of the Porsche 918 Spyder – a plug-in hybrid car that promises low emissions and can reach up to 198 miles per hour (mph).

In a Wednesday announcement, Porsche said that it was moving ahead with the development of the plug-in Porsche 918 Spyder, which will be manufactured in Germany. The new car, which will likely cost more than $600,000, will be based on the 500-horsepower V8 concept car that was showcased by the company at the Geneva Motor Show this spring.

Assuring that the 918 Spyder will boast an exceptional performance as well as stellar fuel economy and emissions, Porsche has disclosed that the car will do zero to 100 km/hr in less than 3.2 seconds and hit its 198 mph top speed while emitting only 70 g/km of CO2 and consuming 3.0 liters per 100 kilometers. In economy driving mode, the vehicle will be capable of delivering 113 miles per gallon.

Based upon the 3.4-liter mill found in the Porsche RS Spyder race cars, the new car also features a pair of electric motors, which together down 218 horsepower.

Further, the 918 Spyder will have four modes that range from full electric to “race,” which is comparatively less fuel efficient as it uses the electric motors as a push-to-pass feature.