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The Squalo by GTO Engineering is due to go into production in 2023.

Its time to free up some space in your lottery-win dream car garage, because Ferrari specialist GTO Engineering has an update to share on its new car.

Formerly known by its project name Moderna, the car is now called the Squalo Italian for shark and the British firm has revealed renders of what it will look like when production begins in 2023. As per the original sketches, the GTO Engineering Squalo has a design influenced by the Sixties Ferraris the company is famous for restoring.

As well as revealing what it will look like, GTO Engineering has confirmed the Squalo will weigh under 1,000kg and be powered by a bespoke 4.0-liter, quad-cam V12 engine with a manual transmission. Given the companys reputation for building new examples of the Columbo-designed V12 famously used by the Ferrari 250 SWB and 250 GTO, its first own-brand engine promises to be very special indeed.

Inspired by Sixties sports cars, the Squalo is claimed to weight under 1,000kg.

Speaking of the engine, GTO said this week how the V12 has undergone significant aesthetic updates and lightweight upgrades, including the removal of the carburettor surround to ensure the intake trumpets can be seen when the hood is open. More details on the engine, including its power output and weight will be revealed in May.

Reminiscent of a 250 SWB, the Squalo also features a Zagato-style double-bubble roof, as well as more modern touches like a set of bespoke 18-inch wheels. These are to be clad in a set of custom tires currently in development in conjunction with a leading manufacture, GTO Engineering says.

The company, which is headquartered in Twyford, England and has an outpost in Los Angeles, also revealed today how finer exterior details have now been signed off, including the door handles, wing mirrors and alloy wheels.

The Squalo will be powered by a bespoke quad-cam V12 engine with exposed intake trumpets.

Mark Lyon, founder and managing director of GTO Engineering, said: Theres been an outpouring of admiration for what were doing here and, we realize, a little bit of scepticism whether were actually making this: a V12-powered, sub-tonne sports car with a Sixties feel but modern reliability, enjoyment and manufacturing quality. Were here to hopefully set the record straight to say yes, its happening and were sticking to our original ethos for the car as well as timing promises for production.

Lyon added: We are also delighted to have early adopters and customer orders received already, and we thank them for the trust in our vision and business. GTO Engineering hasnt said publicly how many examples of the Squalo it plans to produce, or what the price will be.

The Squalo is the first car to be built by GTO Engineering, a UK-based Ferrari specialist.

The company currently charges from 850,000 for its Ferrari 250 SWB Revival, but unlike that car the Squalo is not a restored example of an existing car by another manufacturer. This is a car built from scratch by GTO Engineering itself, and will be badged as such.

Lyon said: Its often the small parts of a car that take the longest time. Were now at a stage where the design models are being created here in the UK and soon we will announce our technical partners working with us on the exterior manufacturing and interiors, as well as wheels and tyres...Ive never been as excited about the creativity of manufacturing and design as I am now.

The car will be built at GTOs Twyford headquarters and the first customer deliveries are scheduled for 2023.

See more here:

The GTO Engineering Squalo Needs A Space In Your Dream Car Garage - Forbes