Porsche announced that its Porsche Cayman and Porsche Boxster will be getting a new name for the 2016 models: the 718 Cayman and 718 Boxster.

The Porsche models do not only get the 718 prefix, but also get a downsizing as the smaller four-cylinder engines will now be powering the cars.

For the unfamiliar, in the late 1950s, the 718, which was the successor of the Porsche 550 Spyder, was the best performing racing engine from the company. The 718 was the best in class with 142 horsepower and competed at the 24 Hours of Lemans race in 1958 and won.

On Dec. 10, Porsche announced that the next-gen Boxster and Cayman would be renamed with a new range dubbed "718 Series."

"The 718 Boxster and 718 Cayman — these will be the new names of the two-door mid-engine sports cars from Porsche effective with the 2016 model changeover," said the company.

With both the models sporting a four-cylinder engine, it is anticipated that the base models' turbo engine will have 240hp. The S trim will have 300hp and the GTS models 370hp.

Porsche also revealed that apart from the engine being downsized, the 718 Cayman and the 718 Boxster will also be look similar. The four-cylinder flat engines will also have turbo charging. Moreover, Porsche will have higher pricing for the Roadster when compared to the Coupe as was its policy with the 911 models.

The Austrian car maker, which recently had to recall nearly 59,000 Macan Turbo and Macan S vehicles owing to possible fuel leaks, will be hoping that the new cars don't run into any trouble.

Porsche is set to introduce the 718 Cayman and 718 Boxster to consumers during the course of next year.