What once seemed to simply be a ridiculously extravagant concept for a plug-in hybrid has now become a ridiculously extravagant reality — Porsche has just announced that it’s putting the 918 Spyder into production. First unveiled at the Geneva Motor Show earlier this year, the car (in concept form, at least) packs a 500-horsepower V8 and a pair of 109-horsepower electric motors that should let you get about 78 miles per gallon, or a total of 16 miles of driving straight from the lithium-ion battery back. The cost? That hasn’t been officially announced yet, but estimates peg it around the $650,000 mark. Don’t worry, though — it’ll be eligible for the $7,500 federal tax credit. Head on past the break for the full (but brief) press release

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Porsche 918 Spyder plug-in hybrid headed for production