This year, we waved goodbye to the BMW i8. After being in production for six years, BMW's hybrid sports car was retired back in April this year. BMW currently has no plans to build a successor, but the hybrid sports car has been given a new lease of life by Italian company 1-Off.

It's called the Taraschi Berardo as a tribute to the Italian racing driver Berardo Taraschi who founded the company Meccanica Taraschi that developed a series of sports cars and competition cars in the 1950s and 1960s. The project was backed by Berado's son, Tazio Taraschi, with the help of Squadra Corse Taraschi, a team that provides advice, spare parts, and technical assistance to collectors who own original cars developed by Berardo Taraschi.

Debuting at the Automobile Museum of Turin, the Taraschi Berardo combines retro styling with modern plug-in hybrid technology. Inspired by the 1953 Giaur 750 Sport Champion, one of Taraschi's most successful competition cars, the BMW i8 has been completely rebodied with hand-crafted aluminum body panels. With its rounded front and rear fenders, curved lines, prominent hood scoop, oval-shaped headlights, redesigned grille, and longer body, the BMW i8 is almost completely unrecognizable.

The only original design detail that has been retained is the i8's dramatic butterfly doors. Inside, the lavish interior is trimmed with wood and high-quality leather. The i8's digital dashboard, air vents, and 8.8-inch display have been retained, but the center console has been redesigned.

Like the i8, the Taraschi Berardo is powered by a 1.5-liter three-cylinder engine paired with an electric motor. Whereas the i8 produces 374 hp, the Berardo boasts an increased output of 420 hp. As for performance, the Taraschi Berardo will accelerate from 0-62 mph in 3.9 seconds and reach a top speed of 173 mph.

1-Off can also increase the power to 470 hp and 520 hp if desired. Unsurprisingly, this custom retro-inspired i8 isn't cheap. The Taraschi Berardo will set you back an eye-watering €800,000 ($940,473) - that's nearly seven times more expensive than the i8.