The 718 was a development of the successful Porsche 550A with improvements made to the body work and suspension. The car's full name is 718 RSK, where "RS" stands for RennSport (sports-racing) and the "K" reflects the shape of the car's revised torsion-bar suspension. It had a mid-engined layout and used the 142 horsepower (106 kW) 1.5-litre Type 547/3 quad-cam engine introduced in the 550A.
In 1957 the Fédération Internationale de l'Automobile (FIA) changed their rules to allow cars with enveloping bodywork to compete in Formula races. That year Porsche entered three 550/1500RS Spyders in the German Grand Prix Formula Two (F2) event. Changes to the cars were minimal, being limited to removing the passenger seats and spare tires.
For 1958 Porsche fielded a modified 718, called the RSK Mittellenker (centre-steer), for F2 event. The bodywork for this car was only slightly different from the sportscar model, but the single seat was now in the centre of the cockpit, with the steering wheel, pedals, and shift lever relocated to accommodate the change and a fairing enclosing more of the cockpit opening. Jean Behra drove the car to a win at the F2 event at Reims that year. At the German Grand Prix at the Nürburgring, driver Edgar Barth placed sixth overall and second in his class. At the Berlin Grand Prix at AVUS the car won both its heat and the F2 class in the hands of driver Masten Gregory.
