Mercedes is developing a Formula 1 car for the streets.

Mercedes' AMG division has confirmed that it is developing a new hybrid hypercar. Mercedes will unveil the yet-to-be-named hypercar later this year at the Frankfurt Motor Show.

Although designed for the streets, the AMG hypercar will use a drivetrain plucked from Mercedes' Formula 1 racing efforts. That means a 1.6L turbocharged V6 driving the rear wheels, along with a pair of electric motors to power the front axle. Mercedes promises a total system output in excess of 1,000 horsepower.

The hypercar will use carbon fiber for most of its construction, which could yield a curb weight as low as 2,200 pounds. The hypercar will be capable of accelerating from 0-60 in 2.5 seconds and hitting at least 220mph. It will also be able to travel for about 16 miles on battery power.

According to Auto Express, Mercedes will produce just 300 units of the AMG hypercar. Pricing is expected to surpass $4.5 million.

Although cars like the Ferrari LaFerrari and McLaren P1 are out of production, the AMG hypercar will have some competition when it comes to market. Aston Martin and Red Bull Racing will introduce their own F1-inspired supercar in 2018, and Bugatti began sales of its 1,500hp Chiron late last year.