Hennessey Special Vehicles has unveiled a new car that aims to break records by reaching the 300 miles per hour mark. The Venom F5 is looking to reach that speed and become the fastest car in the world with a 1,600 horsepower engine.

The company unveiled the new hypercar during the 2017 Specialty Equipment Manufacturers Association aftermarket trade show. The Venom F5 was built from the ground up, but is considered the spiritual successor of Hennessey's Venom GT car.

With the goal of being deemed the fastest car on the planet, Hennessey built the Venom F5 with powerful specifications that give the car a good chance to beat its 300 mph goal.

The car sports a twin turbocharged V8 engine under its hood. This engine is expected to output 1,600 hp. The engine's power is sent to the rear wheels by means of a seven-speed, single clutch transmission. To keep its weight to a minimum, the car's body was made out of carbon fiber. This keeps its weight under 3,000 lbs.

The car designer says the Venom F5 can accelerate from a standstill to 186 mph in only 10 seconds, making it faster than most Formula 1 race cars. Hennessey is projecting the car's top speed to exceed 300 mph, but it may need another breakthrough to achieve this.

The limitation comes in the form of tires, as even the post stout tire design may not be equipped to handle the speeds that the Venom F5 can reach. The Bugatti Chiron's tires could not make it past 280 mph. Designing the tires may be Hennessey's last hurdle toward the coveted 300 mph mark. The company is currently in talks with tire manufacturers to find the suitable fit for the Venom F5.

Hennessey is only making 24 copies of the Venom F5, and as expected, they do not come cheap. Each unit will cost $1.6 million and will ship out in 2019.