The Magnum Mk5 has been revealed in full, and has gone on sale for $139,000, or around £86,631.
It's powered by a rear-mounted tuned four-cylinder motorbike engine from a Suzuki Hayabusa developing 247bhp up to a redline of 11,000rpm. The Mk5 uses a six-speed sequential gearbox to propel itself to 60mph in 3.2 seconds and on to a top speed of 150mph.
The rear-wheel drive model is constructed with carbon fibre composite bodywork and has a dry weight of 545kg. Magnum says the Mk5 develops 460bhp per tonne. It has a 35 litre fuel tank and sits on 18-inch lightweight alloy wheels. Braking forces is supplied by four-piston calipers and ventilated discs with aluminium hubs front and rear.
The Mk5 measures 3914mm long, by 1884mm wide, with a height of 1069mm.
Its makers say the Mk5 is fully street-legal, and features enough storage space to store two race helmets and a briefcase.
The Mk5 has styling which Magnum says uses the dame functional aerodynamics found on F1 and Le Mans Prototype racers. The interior is as stripped out as you'd expect, but still includes a reversing camera. Driver and passenger are secured in carbon fibre seats with six-point racing harnesses.
Standard equipment includes a removable racing steering wheel, data logger system, and adjustable brakes and dampers. The company says it will sell a number of street and track packages as options for owners to personalize their cars.
The car is available to order from today and will be produced in an initial production run of 20 units at Magnum's facilties in Quebec, Canada. The first deliveries are expected in late 2014. The company says it already has several firm orders, and anticipates the car to sell out fast.