Porsche has unveiled its most powerful version of the 911 at the Goodwood Festival of Speed over the weekend. The latest Porsche 911 GT2 RS builds on the formula set by its hardcore predecessors by throwing yet more power into the equation.

How much power? Try a whopping 700 hp and 750 Nm from a 3.8 litre twin-turbo flat-six. Based on the engine in the Turbo S, it gets larger turbochargers and an additional cooling system to deliver optimum cooling at peak loads; it also sprays water to cool the charge air at very high temperatures, BMW M4 GTS-style. The result is an increase of 80 hp and 50 Nm over the previous 3.6 litre 997 model.

All that is sent to the rear wheels through a seven-speed PDK dual-clutch transmission, enabling the GT2 RS to sprint from zero to 100 km/h in a blistering 2.8 seconds – a tenth of a second quicker than the all-wheel drive Turbo S – before hitting a top speed of 340 km/h.

Helping to keep the GT2 RS on the road is rear-wheel steering, hooked up to a race-inspired chassis. Wheels measuring 20 inches at the front and 21 inches at the rear are shod with 265/35-section front and 325/30-section rear Ultra High Performance (UHP) tyres, and hide standard-fit carbon ceramic brakes.

To match the performance, the exterior has been made suitably menacing, with the front end dominated by large air intakes, a sizeable splitter and NACA ducts in the bonnet. At the rear, the engine lid features twin intakes that provide a ram-air effect, along with large twin pipes that lead to a titanium exhaust system that saves seven kilograms over the one on the Turbo. And of course, who can miss the massive rear wing?

As standard, the bonnet, vented front fenders, door mirror caps, rear side air intakes and parts of the rear end are made of carbon fibre, and the roof is hewn from magnesium. To trim even more weight, there’s the Weissach Package that adds a carbon fibre roof, anti-roll bars and coupling rods on all four corners, as well as magnesium wheels and a body colour centre stripe. Altogether, the pack shaves off 30 kg.

Inside, you’re greeted with swathes of black leather and red Alcantara (including on the roof, which is quite a bold choice), along with carbon fibre trim. There’s also a sports steering wheel with paddle shifters, plus the Porsche Track Precision app that tracks driving data on a smartphone. The Chrono Package can also be specified, complete with a lap trigger.

Porsche is also offering owners a chronograph watch developed in partnership with Porsche Design. Using the first clock movement developed by the latter, the titanium timepiece features a flyback function, a load path-optimised movement bridge and an Official Swiss Chronometer Testing Institute (COSC) certificate of authenticity, plus a carbon fibre face and a tungsten winding rotor modelled on the car’s wheels.