Ferrari unveiled today at the Geneva Motor Show the replacement for the Enzo, a nearly 1000 hp. gas-electric hybrid dubbed LaFerrari.

The 499 buyers of the limited-edition supercar will get what Ferrari says is its fastest car ever: 0-62 mph in less than 3 seconds, 0-124 in less than 7 seconds, 0-186 mph in 15 seconds.

Ferrari did not disclose the price, expected well north of $1 million, but Sergio Marchionne, CEO of parent Fiat, has said it already is sold out.

LaFerrari is the company’s first hybrid and has a system that incorporates technology developed for the Scuderia Ferrari Formula One race car’s KERS (kinetic energy recovery system) setup. In LaFerrari, the hybrid (HY-KERS) version uses a 6.26-liter, non-turbo, V-12 gas engine rated at 800 hp coupled with a 163 hp. electric motor for a combined rating of 963 hp. A second, separate electric motor drives the power accessories.

Ferrari says that future, less exotic vehicles will make use of the technology developed for this rocket.

“We chose to call this model LaFerrari,” said Ferrari’s President, Luca di Montezemolo in a statement, “because it is the maximum expression of what defines our company – excellence. …Aimed at our collectors, this is a truly extraordinary car which encompasses advanced solutions that, in the future, will find their way onto the rest of the range.”

The 60 kilogram battery pack in the cabin floor is charged during braking and also when the gas engine is producing more torque than needed to move the car, in which case that torque is converted to energy and stored.

Ferrari said the high-torque from start-up of the electric motor let engineers design the gas engine for maximum power at higher revolutions – it puts out peak power at 9,000 rpm. The car never runs on electricity alone. The system uses a 7-speed, dual-clutch transmission.

Advanced electronics integrate for the first time in a Ferrari the active aerodynamics (diffusers and spoilers), dynamic chassis adjustments and the HY-KERS drive system.

The chassis is made of four types of lightweight carbon fiber. The overall design concentrates the weight between the axles and allowed what Ferrari considered ideal weight distribution of 59% at the rear. The company did not specify the car’s overall weight.

Ferrari says the interior layout also was race car inspired, with a “pared back” look. The driver’s seat is fixed, the pedal and control modules adjust.

The exterior styling was by a team led by Flavio Manzoni.