According to Autocar magazine, the Lamborghini Sesto Elemento, has entered its “advanced stages of development. What this usually means is the car has gone just a bit beyond rumors, and this is what we know about it so far.

Sesto Elemento, translates to “sixth element” in Italian, which refers to the cars extensive use of carbon fiber. Beyond its ultra lightweight chassis and body, the interior has been stripped down to its barest essentials (seats, steering wheel, accelerator, brake pedal, etc.). Because of this minimalist attitude, the Elemento will be for the track-only, and there are no plans to make any street legal versions.

To its credit, the Elemento will receive the 5.2-liter V10 out of the Gallardo, which weights a good 800 pounds more than the 2,200 pound Sesto Elemento. With these specifications, the Elemento should be able to hand the Bugatti Veyron its a**, with a 0-60 jaunt in less than 2.5 seconds (top speed 200+ mph).

This is all the good news. The bad news is only 20 of these model Lamborghini’s are currently in the making, and the worst news is each one will cost $2.9 million, not including taxes and all the other bureaucratic bullcrap, which will undoubtedly raise the price to over $4.0 million. In short, these will be one hell of an expensive weekend hobbiest’s supercar.

But, cheer up grasshoppers. A mid-engine C7 Chevrolet Corvette is in the oven, which should theoretically hand a Ferrari its a** at a fraction of the cost.

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