There's a new member in the exclusive 1,000-hp+ hypercar club: meet the Milan Red, Austrian company Milan Automotive's first car that's designed to challenge the likes of the Bugatti Chiron and Koenigsegg Regera. Let's jump straight to the specs, shall we? Unlike some other modern hypercars, the Red, which is named after the famous bird of prey, doesn't rely on a hybrid or electric powertrain.

Instead, under the hood is a quad-turbocharged, 6.2-liter V8 that sends a whopping 1,306 hp and 1,033 lb-ft of torque to the rear wheels through a dual-clutch seven-speed automatic transmission. The unit was developed by AVL, an Austrian engineering company that has previously collaborated with Ferrari's Formula One team.

With a curb weight of 2,866 pounds, Milan Automotive claims the Red will sprint from 0-62 mph in 2.47 seconds, which is around the same as the Bugatti Chiron. 0-124 mph takes 5.46 seconds before the Austrian hypercar tops out at over 249 mph. Measuring 186.7 inches long, 47.1 inches tall and 85 inches wide, with a wheelbase of 108.3 inches, the Red will be the first street-legal car with wishbone suspension made entirely from carbon.

The car is also built on a carbon fiber monocoque and features carbon fiber-made panels to keep it light. To emphasize the fact this is a car designed to set your pulse racing, the interior design is a "visualisation of the driver's heartbeat."

"Nowadays you can drive an artistic car, a high-tech-monster, a throne on four wheels - or a car, that only serves one purpose: stealing everyone the show. And this is where we come into play," Milan Automotive CEO Markus Fox explained.

Like most of the world's most desirable hypercars, production will be extremely limited to maintain the car's exclusivity. In this case, only 99 examples of the Milan Red are being built, each costing nearly €2 million ($2.3 million). Despite the astronomical asking price, 18 have already been sold.