McLaren has officially unveiled the name of the next entry in its Ultimate Series, the Speedtail. It will be the world's first hyper-GT. Until today, we only knew it by its internal codename, BP23, but McLaren hinted to us only a couple of weeks ago at the Goodwood Festival of Speed an official naming announcement would be coming soon. Today is that day. As we already knew, Speedtail production will be limited to only 106 examples, all of which were spoken for before the car was officially announced in November 2016.

Each McLaren Speedtail will cost at least 1.6 million British pounds. This comes as little surprise considering the Speedtail will feature a centrally-mounted driving position, three-seat cockpit – exactly the same setup as the iconic F1 road car. Top speed is said to be in excess of 243 mph and yes, it will be fully road legal and the fastest and most luxurious McLaren road car to date.

Details regarding its powertrain are also limited, though McLaren has confirmed it will feature a gasoline-electric-hybrid setup. We've only seen a couple of sketches of the Speedtail so far, as well as today's debut image.

McLaren also released some spy shots of its own several months ago of a prototype (pictured below). However, McLaren design chief Rob Melville has described the Speedtail's final design as "flowing and streamlined." McLaren Special Operations (MSO) is also directly involved in the project, providing "exquisite new materials to facilitate limitless possibilities for tailoring."

And speaking of bespoke work, future McLaren Speedtail owners will be the first to see the final production car before it's officially unveiled to the media and public this October. Production is slated to get underway at the end of 2019. Each one will be built to order according to the customer's preferences.