The Mercedes-AMG R50 hypercar now has a name, and it’s Project One. The name was revealed via the Mercedes-AMG website, along with brief details of the car, which is set to utilise a Formula 1 engine in combination with a purely electric and wheel selective front axle drive concept.

Essentially, the Project One will be an all-wheel drive machine, driven at the rear by a variation of the F1 powertrain – which consists of a F1 W07 1.6 litre turbo V6 supplemented by a kinetic energy recovery system (KERS) system and electric drive in the current race car – and at the front by the electric motor.

The race engine will be toned down slightly for series production in this application, according to AMG boss Tobias Moers, but total system output is still expected to be more than 1,000 hp, which puts it up against the likes of Aston Martin’s AM-RB 001, another Formula 1-inspired hypercar being developed with Red Bull Racing and F1 car designer Adrian Newey.

The shape of the Project One continues to be teased, with a sketch outline of the rear joining the previous side silhouette in offering a view of what the eventual profile will shape up to be. Mercedes-Benz design chief Gordon Wagener had previously indicated that the side profile view will be representative of the final car, complete with a roof-mounted air intake and a central fin reminiscent of a Le Mans prototype.

Reports indicate that the hypercar is set to break cover in Frankfurt in September, and that it’ll be quite an exclusive affair, with only 300 units to be produced.