By Nick Aziz
Thursday, Jun 29th, 2006 @ 9:19 am

Porsche is working on a rival to the Bugatti Veyron, according to the latest issue of the U.K.’s Autocar magazine. The car will use the GT1 moniker, and offer around 950 horsepower, the report says. Top speed should be right around Veyron at approximately 254 mph. The GT1 will pick up where the now-discontinued Porsche Carrera GT (pictured) left off. It will share many components and design elements with the car, as well as technology from the automaker’s forthcoming Le Mans competitor. Unlike the Carrera GT, the new GT1 will have a full roof, despite carrying over the chassis from the über roadster. The car will likely be offered as a 2009 model.