With the switch to a new turbocharged flat-four engine the marketing name for the models was changed to Porsche 718, in reference to the 718, which won the Targa Florio race in 1959 and 1960.

The name is meant to evoke Porsche's past racing successes with light cars like the 718 that outmanoeuvred competitors with larger and more powerful engines.

The 718 featured two new horizontally-opposed flat-4 turbocharged engines at 2.0-litre (Boxster/Cayman) and 2.5-litre (Boxster S/Cayman S) displacement with increased torque and horsepower with lower fuel consumption.

"[26] Top Gear noted that the sound, "fundamentally cheapens the Porsche experience," and makes the car, "less upmarket, less cultured and sophisticated than it did before.

Both are differentiated from less powerful models by more aggressive bodywork, including a lower stance, new front bumper, a large new diffuser, and exhaust pipes that are spaced farther apart.

The GT4 also features larger side intakes and an adjustable wing, the latter of which helps it generate up to 150 kg (330 lb) of downforce, 50 percent more than its predecessor.

The anti-roll bar end links, camber and toe can be manually adjusted, but the ride height–3 cm (1.2 in) lower than a standard 718–is fixed.

With a 4.0 naturally aspirated flat-six derived from the 911 GT3, it puts out 500 PS (370 kW; 490 hp) and 450 N⋅m (330 lbf⋅ft) with an rpm limit of 9,000rpm, which allows it to sprint from 0–100 km/h (0–62 mph) in just 3.4 seconds.

Aerodynamics are improved over the previous generation GT4 Clubsport, including a swan neck mount rear wing.

The Competition variant features 3-way adjustable shock absorbers, a 115-litre fuel cell, brake balance adjustment, a lightweight battery, a fire extinguishing system, a quick release steering wheel from the 911 GT3 R and a three-piston air jack system while the Trackday variant features fixed shock absorbers, an 80-litre fuel cell and a handheld fire extinguisher instead.

[41] A Rallying version of the 718 Cayman GT4 Clubsport built to FIA R-GT regulations has been announced as planned for the 2020 season.

[42] Although a race-ready model has not been publicized yet, there has been official reports from Porsche, advertising the car for the 2020 R-GT Rally Season.

[43] The concept car shares the same engine and transmission, but is manufactured on the 981 platform; while the media-evasive production variant is advertised to be on the 982.

"I'm not convinced Porsche will ever put the production car into an official race, we haven't even yet seen a 982 concept even though it was announced to be race-ready in 2020."

- Netherlands GT4 Racer Roy Turksma via a television interview at 12H Spa-Francorchamps The 718 Cayman GT4 e-Performance is a battery electric vehicle with a drivetrain identical to the Porsche Mission R, first shown in May 2022.

[47] The high-voltage traction battery has a capacity of 82 kWh and operates at a nominal voltage of 900 V. The car can be switched between qualifying and race modes.

[45] To improve weight distribution, the battery is split into three segments: one carried behind the seats where the engine would be in the conventional 718 Cayman, one in front where the fuel tank would be, and the last in the passenger's footwell.