Porsche has finally confirmed plans to build its long-rumoured new baby SUV, known as Cajun.

The Porsche Cajun will be based on the Audi Q5 and is set to be launched by 2014. It is one of the key models in Porsche's expansion plans, with the firm looking to double annual sales in the medium term to 150,000 units.

In an official statement, Porsche said its supervisory board had now instructed its board of management to pursue the Cajun project and the firm would develop an "efficient and sporty model" that will "have a very positive impact with its typical Porsche features such as light weight, ease of handling and agility".

The statement continued: "As an attractive entry model in the Porsche world, the "Cajun" will attract new and even younger customers to the brand along with the Boxster."

No further details have been released by Porsche.