Following months of rumors, McLaren has confirmed it is developing an entry-level model in a bid to increase sales and expand its presence outside of Europe.

Called P13 internally, the upcoming sports car will pack P1 design cues such as a low nose, fluid lines and large air vents behind both doors in a more compact package designed to take on upmarket variants of the iconic Porsche 911 and the yet-unnamed, AMG-designed sports car that will replace the SLS. The P13 will be built upon the lightweight carbon fiber MonoCell platform that also underpins the larger MP4-12C, a setup that will undoubtedly make it lighter than its main rivals.

McLaren says the mid-engined P13 will be powered by a detuned version of the 3.8-liter V8 engine that powers the MP4-12C. The firm is keeping precise technical details under wraps but rumors indicate it could generate about 450 horsepower, considerably less than the 12C’s 616-pony output. Power will be sent to the rear wheels via a seven-speed dual-clutch transmission.

Company executives hope the addition of a smaller, more volume-oriented sports car will enable McLaren to sell roughly 4,000 cars a year. This year, the British firm is on track to sell about 1,400 cars.

The McLaren P13 will go on sale next year as a 2015 model, and a convertible model is expected to follow soon after. McLaren has not confirmed when the car will debut but we wouldn’t be surprised to see it bow at next September’s Paris Motor Show.