Originally developed by Porsche for Volkswagen as a sports car in the seventies, the Porsche 924 GT evolved as a result of the Volkswagen management rejecting to proceed with their EA425 project because of the 1973 oil crisis. They preferred to develop and work on the smaller 1.1 litre Volkswagen Scirocco. 

Although Volkswagen had worked a lot on the engineering of EA425 including use of their 4-cylinder Audi engine, the management decided to sell the project back to Porsche (at a sum) and this is how the Porsche 924 evolved.

This model was marketed as an entry-level Porsche, when it first debuted in 1975. Eventually, this turned out to be a good decision for the Porsche management, as they produced over 1.5 lakh (150,000) cars for the next 12 years, giving the company a healthy bottom line.