With 550 horsepower on tap, the Turbo blasts around the 'Ring in seven minutes and 38 seconds.

Porsche has released a video showing its new Panamera Turbo setting a new Nurburgring record for production luxury sedans.The redesigned Panamera Turbo's new 4.0-liter twin-turbocharged V8 boasts 550 horsepower, helping propel the car around the Green Hell in just seven minutes and 38 seconds.

The benchmark is 14 seconds quicker than the lap time set by the Panamera Turbo S. It is just one second faster than the alleged latest record set by the Alfa Romeo Giulia Quadrifoglio.

Porsche claims its new record was set without modifications and on street tires, while Car and Driver suggests Alfa's time may have been set with race rubber and a few hundred pounds stripped out of the production car.

It is unclear if Porsche plans to spend more time at the 'Ring with the new Panamera to further widen the gap with Alfa's flagship sedan.