There's a good chance you've never heard of Automobili Turismo e Sport. The company was founded in 1961 by two former Ferrari employees, Carlo Chiti and Giotto Bizzarrini, who left following a dispute with Enzo Ferrari. And so ATS was formed to beat Ferrari at its own game, which led to an ATS racecar being developed to challenge Ferrari in Formula One. After this, ATS revealed the 2500 GT at the 1963 Paris Motor Show, notable for being the first mid-engined Italian supercar three years before the Lamborghini Miura arrived.

The project was ultimately shortlived, however: only 12 were ever produced before the company was closed in 1964. Now, over 50 years later ATS is making a comeback to once again compete against Ferrari with its new gorgeous GT supercar limited to just 12 units individually tailored for each owner. Following its public debut at Salon Prive in Oxfordshire, England, ATS is now preparing to launch the GT and has confirmed performance and price details. Under the hood is a 3.8-liter, twin-turbo V8 mated to a seven-speed dual-clutch gearbox. In standard trim, the ATS GT produces 650 hp and 500 lb-ft of torque, but an optional power upgrade will increase that to nearly 700 hp and 553 lb-ft of torque.

Performance specifications are still being finalized, but ATS says the GT should be able to do 0-62 mph in around three seconds and reach a top speed of over 200 mph. Sources have suggested the ATS GT is based on the McLaren 650S, which wouldn't be surprising looking at the specs. Three driving modes are available: Viaggio, Sport and Corsa, each changing the colors of the cockpit controls to blue, yellow and red depending on the setting. Viaggio is designed for road use, while Sport, and Corsa set up the engine and suspension for the track. As the first official photos show, the ATS GT is achingly beautiful to look at.

This isn't surprising however, because it's been styled by Emanuele Bomboi who previously worked at Fiat and the Italian design house Bertone. "The side silhouette of this new Gran Turismo is charged with energy, with clean lines framing arched surfaces," according to ATS. The outlines above the wheel are evocative while a clean flowing line divides the car's upper and lower halves. As with the original car's design, the windows provide a focus for the flanks of the car." ATS also says the GT has a "timeless yet striking design, evoking the brand's past while reflecting its very contemporary performance".

The front spoiler, for example, has been borrowed from the original 1960s 2500 GT sports car, which runs the entire width of the car. Also inspired by the 2500 GT are 20-inch rims at the front and 21-inch rims at the rear, and the car also features carbon ceramic brakes made by Brembo. Lightweight carbon fiber has been used extensively on the body, chassis and interior, resulting in a weight of 2,866 pounds. Inside, the ATS GT's cabin is finished almost entirely with Nubuck leather and the cabin is surrounded by 3-mm speakers that provide the best possible sound quality. With an asking price of $1,150,000, no reservations have been made for the GT yet so the company's future is uncertain.