Citing the print edition of the German magazine Autobild, Digital Trends reports that Mercedes-AMG is secretly developing a megacar designed to compete with ultra-luxury sports cars from companies like Bugatti, McLaren and Ferrari.

To be called the R50, the new vehicle will apparently not include any existing AMG DNA and will use a carbon fiber shell to help it weigh in at a svelte 2,900 pounds.

Propulsion for the R50 is said to be provided by an advanced hybrid system comprised of two 150 hp electric motors and a 1,000 hp 2.0 liter turbo engine, yielding a combined 1,300 hp. Four wheel steering and adaptive suspension are reportedly used to help control the cutting-edge drivetrain.

In terms of appearance, the R50 is rumored to adopt some of its styling from the CLK GTR and prominently feature a carbon fiber wing affixed to the trunk lid. The interior of the coupe will include a track-worthy cockpit and space for up to two occupants.

If the R50 does materialize, it’s expected to be unveiled as part of AMG’s 50th anniversary and be offered exclusively in limited numbers for somewhere between $2.2 and $3.3 million.