Swedish hypercar manufacturer Koenigsegg will add the world's very first "megacar" to their stable of high powered cars. Dubbed the One:1, it is set to unseat Hennessey VEnom GT as the world's fastest production car.

The One:1 weighs 1,341 kg and comes powered by a newly developed 5 liter V8 capable of 1,011 lb-ft of torque and whopping 1 Megawatt, or 1,341 horsepower.

This allows the One:1 to accelerate from 0 to 248.5 mph in just 20 seconds. Koenigsegg will indeed showcase the vehicle at next month’s Geneva Auto Show.