Ferrari (IM: FI) unleashed some serious horsepower at the Geneva Motor Show when it unveiled its latest innovation – the 963-hp hybrid LaFerrari. The vehicle is Ferrari’s fastest, most powerful and most expensive model to date.

Making headlines not only for its sharp innovative design, LaFerrari is the company’s first gasoline-electric hybrid model. It is powered by the HY-KERS system, which consists of a 6.3-liter V12 normally aspirated engine that delivers 800 hp, coupled with a 163-hp electric motor, giving the car a combined power output of 963 hp.

While Ferrari on Monday did not disclose an MSRP, Autoweek reports that the pre-tax starting price for the car will be about $1.31 million (1 million euros).

If the aforementioned sticker price proves to be accurate, LaFerrari, after taxes, will succeed the Enzo as the most expensive Ferrari model.

Ferrari will build 499 units of LaFerrari, 100 more than the Enzo, in an effort to meet growing demand for the brand in Asia, and particularly in China.

Ferrari said its first hybrid vehicle will accelerate from 0 to 62 mph in less than 3 seconds and from 0 to 124 mph in less than 7 seconds.

The car reportedly recorded a lap time of less than 1 minute, 20 seconds on the company's test track in Fiorano, near its Maranello headquarters in Italy. The time is 5 seconds faster than the Enzo and 3 seconds quicker than the F12 Berlinetta. Before the arrival of the LaFerrari, the 740-hp F12 Berlinetta was Ferrari's most powerful and fastest model ever.

Ferrari said the LaFerrari gets 16.6 mpg, compared with 15.9 mpg for the F12 and 13.8 mpg for the Lamborghini Aventador.

According to the Italian automaker, the car's name, which means “The Ferrari” in Italian, was chosen to underline its uniqueness in the brand's history.

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