In the 2006 model year, Porsche AG of Germany launched a 2-seat sports car that it named the Cayman. The Cayman is the coupé version of Porsche's mid-engined 987 platform (the Porsche Boxster is the convertible version). Like the Boxster, the Cayman is assembled in Finland by Valmet Automotive.
The name "Cayman" is said to be an alternate spelling of caiman, a species of reptile closely related to the alligator, and has nothing to do with the Cayman Islands. Porsche has, in fact, donated to a Stuttgart Zoo's caiman exhibit, because of the shared namesakes between the animal and the automobile.

The development by Porsche of the first Cayman model, the Cayman S (type 987 120), took two years. Photographs and technical details of the S were released in May of 2005, but the public unveiling did not take place until the Frankfurt Motor Show in September. The following year saw Porsche begin sales of the base model Cayman (987 110) on July 29th, 2006. A motorsport-tuned version of the S model, the Cayman RS, is rumored to have been tested at the Nürburgring that same year.
The Cayman and the 987 Boxster use the same mid-engined platform and share many components, including the front fenders, front trunk lid, side doors, headlights and much of the interior. The 3.4 Litre engine in the Cayman S is based on the Boxster S's 3.2L powerplant, but with new cylinder heads featuring the VarioCam Plus intake valve timing and lift system from the Porsche 997. The base Cayman has a new 2.7L engine that also features VarioCam Plus. The Cayman's exclusive use of these new powerplants disappeared with the 2007 model year, when the Boxster (987 310) and Boxster S (987 320) were upgraded with the motor from the corresponding Cayman model.
Unlike the convertible Boxster, the Cayman has a large hatchback for access to luggage areas on top and in back of the engine cover. The suspension design is fundamentally the same as the Boxster's, but features revised settings appropriate to the increase in chassis stiffness resulting from the Cayman's fixed roof.
A 5-speed manual transmission is standard on the base Cayman, while a 6-speed manual is standard on the S and optional on the base. An electronically controlled 5-speed automatic transmission (Tiptronic) is available for both models. Other options include electronically controlled suspension (PASM), ceramic brake discs (PCCB), xenon high and low beam headlights (Bi-Xenon) and an electronically controlled sport mode (Sport Chrono Package).