Porsche has announced a new name change for its mid-engine sports cars - the Boxster and Cayman. The two sports cars will be branded as the 718 model range starting next year. In 2016, the 718 Boxster and the 718 Cayman will receive a new look, as well as new four-cylinder engines.

The 718 name designation pays tribute to the Porsche 718 race car that was built in 1957. The Porsche 718 race car ran from 1957 to 1962 and was able to outperform its numerous competitors on the race track. The Porsche 718 race car competed in the Sebring Race in 1960 and the European Hill Climb Championship, which ran from 1958 to 1961. It also won first place during the 1960 Italian Targa Florio Race.

The historic Porsche 718 race car was powered by a mid-mounted four-cylinder engine. Likewise, the 2016 Porsche 718 Boxter and the 2016 Porsche 718 Cayman will also be powered by a turbocharged flat-four cylinder engine.

The same flat-four engine can also be seen in the Porsche 919 Hybrid LMP1 race car that competed in the 24 Hours of Le Mans endurance race. Depending on the engine configuration, the 2.0-liter flat-four engine can produce between 240 to 300 horsepower. With a sportier configuration, it can produce up to 370 horsepower.

At this point, Porsche has not revealed the full technical specifications of the upcoming sports cars. According to speculations, Porsche may offer three powertrain options. Along with the 2.0-liter flat-four engine, a base 1.6-liter four-cylinder engine and a bigger 2.5-liter four-cylinder engine may also be offered.

Porsche also announced that the 718 Boxster and the 718 Cayman will be given a new look when it is unveiled next year. The sports cars "will share more similarities than ever before – both visually and technically," the company said in a press release.

Pricing information has also not yet been revealed. Although Porsche announced that the Roadster variant will be priced higher than the Coupe. Stay tuned for more updates.