Ferrari has unveiled its latest 'once a decade' hypercar - a £1million hybrid which is the fastest the firm have ever produced.
The hotly-anticipated 'LaFerrari', is a road-going race car with a 6.3-litre V12 petrol engine which does 0-62mph in under three seconds.
Geneva Motor Show 2013: The Best of British
The super-sleek model was revealed after years of speculation at the Geneva Motor Show - and its performance figures have sent shockwaves through the car industry.
LaFerrari will accelerate from 0-62mph in less than three seconds, 0-124mph in less than seven seconds and 0-186mph in 15 seconds.
The 186mph time wipes the floor with its British rival, the McLaren P1, which takes a further two seconds to hit the same speed.
But just like the McLaren, the Ferrari is limited to top speed of 217mph - the same as its predecessor, the Enzo.
The car’s name, however, was met with confusion at Geneva but the boss of the Italian car maker insisted the monicker 'defines company'.
Luca di Montezemolo, president of Ferrari, said: "We chose to call this model LaFerrari because it is the maximum expression of what defines our company - excellence.
"Excellence in terms of technological innovation, performance, visionary styling and the sheer thrill of driving.
"Aimed at our collectors, this is a truly extraordinary car which encompasses advanced solutions that, in the future, will find their way onto the rest of the range, and it represents the benchmark for the entire automotive industry.
"LaFerrari is the finest expression of our company’s unique, unparalleled engineering and design know-how, including that acquired in Formula 1."
LaFerrari is the firm’s latest ‘Special Series’ model and follows in the tyre marks of the F40, F50 and, most recently, the Enzo.
Ferrari says it has lapped the Fiorano test track in 1 minute 20 seconds, five seconds quicker than the Enzo which was launched in 2003.
To be lucky enough to buy one new, customers need to have built up a special relationship with Ferrari over a number of years and owned a selection of their past supercars.
The production run will be limited to just 499 models and set back new owners an eye-watering £1 million - more than twice as much as the £419,000 Enzo.
But despite the price tag, Ferrari has already sold most of the production run with their cherished clients queuing up to put down a deposit on the future classic.
Incredibly, some ultra-wealthy customers will be willing to pay a further £500,000 to 'buy' someone else's slot in the waiting list, one expert claimed.
James Cottingham, from Ferrari specialist DK Engineering, has a number of clients who have ordered the new model.
He said: "From what I understand it will be every bit as good as we have hoped.
"There has been a huge amount of interest and those who have ordered one have been invited to the factory to see it.
"Some people will look to sell their place on the waiting list but if you’re lucky enough to get one you should see the purchase through.
"I think the car will command a £500,000 premium and I’m really looking forward to Ferrari once again launching the world’s best car."