The Porsche 968 is a sports car manufactured by German automobile manufacturer Porsche AG from 1991 until 1995.[2] It was the final evolution of a series of water-cooledfront-engine rear wheel drive models that began almost 20 years earlier with the introduction of the 924. It was intended to take over the entry-level position in the company lineup from the 944, which much of the vehicle was derived from.[citation needed]The 968 was Porsche's last new front-engined vehicle until the introduction of the Porsche Cayenne in 2003. The Porsche 944 debuted for the 1982 model year as an evolution of the 924, was updated as the "944S" in 1987, and as the "944S2" in 1989. Porsche was in a significant financial crisis at the time, with less interest in its sports cars from customers, especially in the U.S. The virtually unchanged design of the 944, which was derived from the 924, was showing its age and sales of the model declined. Thus, Porsche decided to develop a new entry-level model.