Ferrari (IM: FI) unleashed some serious horsepower at the Geneva Motor Show when it unveiled the 963-hp hybrid LaFerrari. The vehicle is Ferrari’s fastest, most powerful and most expensive model to date.

The hybrid model is making headlines not only for its sharp, innovative design, but also because it is the company’s first gasoline-electric hybrid model. It is powered by the HY-KERS system, which has a 6.3-liter V12 normally aspirated engine that delivers 800 hp, coupled with a 163-hp electric motor, giving the car a combined power output of 963 hp.

While Ferrari on Monday didn't disclose a manufacturer's suggested retail price, Autoweek reported the pretax starting price for the car will be about $1.31 million (1 million euros).

If that sticker price is accurate, the LaFerrari, after taxes, will succeed the Enzo as the most expensive Ferrari model.

Ferrari said it plans to build 499 units of LaFerrari, 100 more than the Enzo, in an effort to meet growing demand in Asia, particularly China.

Ferrari said its first hybrid vehicle will accelerate from 0-62 mph in less than three seconds and from 0-124 mph in less than seven seconds.

The car has a reported recorded lap time of less than 1 minute, 20 seconds on the company's test track in Fiorano, near its Maranello headquarters, in Italy. The time is five seconds faster than the Enzo, and three seconds quicker than the F12 Berlinetta. Before the arrival of the LaFerrari, the 740-hp F12 Berlinetta was the company's most powerful and fastest model.

The company said the LaFerrari gets 16.6 mpg, compared with 15.9 mpg for the F12, and 13.8 mpg for the Lamborghini Aventador.

It said the car's name, which means “The Ferrari” in Italian, was chosen to underline its uniqueness in the brand's history.