Higher than 911? Porsche previews a new mid-engined supercar.

Porsche's turnaround plan for 2035 includes smaller volumes but more expensive cars.

The Mission S concept is meant to prepare us for the evolution of Porsche's design language, but Porsche will add a production version to its model lineup.

Porsche gave us a preview of a new model this afternoon when it unveiled the Mission S Concept in New York. It is a mid-engined sports car that sits above the 911 in Porsche's range. But it won't be a limited-edition car like the Carrera GT or 918 Spyder, but a regular production model, part of Porsche's plan to dig itself out of a financial hole by 2035.

Things have been tough for the German automaker lately. Just three years ago, its profit margin was 18%. Last year it fell to only 1 percent. It has improved a bit since then, and Porsche's board has a plan to return to double-digit margins by 2035, dubbed "Sportwagenschmiede '35," which includes prioritizing "value over volume" with more personalization for customers and associated higher selling prices.

"We are following a clear plan with the Sportwagenschmiede '35 strategy. The ultimate goal is to further strengthen our unique sports car brand across all model lines and with new, highly desirable models in particularly high-margin segments," said Porsche President Michael Leiters.

Some of the restructuring will include layoffs of up to 9,000 people, part of a larger effort by Volkswagen Group (which owns Porsche) to reduce headcount over the next decade. But new models are also planned: an electric 718 Boxter/Cayman, a smaller SUV below the Macan due in 2028 with petrol and plug-in engines, as well as new models in the larger, more expensive segments alongside the Cayenne and Panamera.

And as we found out today, a mid-engined supercar. "The Mission S offers a glimpse of the design ideas and features that will shape Porsche for years to come," Leiters said. At the same time, the Mission S represents a mid-engined supercar platform built on top of the 911 – not as a one-off hypercar, but as a permanent and versatile addition to our customers.

Engaging the driver is the goal, and I bet the red button "by itself" turns off a number of driver aids.

Note the lack of an infotainment screen—there's a MagSafe mounting point on the dash, but will it be strong enough to hold the phone when you're adding G acceleration or cornering?

The fan above the engine is a reference to the air-cooled 908 and 917.

The Mission S previews the look and feel of future Porsches inside and out. There are hints of previous Porsches like the 917, 928, 959 and GT1 in the exterior styling, although from some angles I also get Aston Martin One-77 and BMW i8. Meanwhile, the interior is inspired by Porsche's early history with the 356 and 550 Spyder. Specifically, Porsche says the Mission S focuses on the driver experience with a combination of tactile and digital feedback. Screen haters take note – there's no passenger display (hooray!) or even a central infotainment screen. Instead, your smartphone plugs into the MagSafe connector.

We don't have any information about the Mission S engine. Given the exhaust pipes at the rear, it can be assumed that this is an internal combustion engine. There's a good chance the car will have a flat-eight engine behind the cockpit, similar to the 908 race car (or the one recently shown off by Ruf) - for a week now there have been rumors of a flat-eight being built by Porsche. Whether the car will be forced-induction or hybrid is unclear, but with Porsche recently developing its T-Hybrid electric system, it's reasonable to expect both.

Jonathan is the automotive editor at Ars Technica. He has a bachelor's degree and a doctorate in the field of pharmacology. In 2014, he decided to pursue his lifelong passion for cars by leaving the National Human Genome Research Institute to launch Ars Technica's automotive coverage. He lives in Washington DC.