Back in February we brought you initial news of the supercar being developed by Formula 3 racing team GTA. The exotic was tipped to be powered by a mid-mounted 700hp V10, however, reports circulating around the internet now suggest that the ten-cylinder powerplant for this vaporware supercar will produce closer to 800hp and be sourced from -- wait for it -- Pontiac.

We'll take that one with an overloaded container ship's worth of salt. Last we checked, GM didn't have a V10 in its parts bin, and the mere idea of the General developing a bespoke engine just for this Spanish racing outfit's nonexistent sports car is ridiculous on its face. Now, add in the detail that this mythical powerplant would then wear the Pontiac arrowhead logo -- that's straitjacket-type stuff, people. We know the General is eager to put the excitement back into the Excitement Division, but come on. Let's be rational.

Traditionally it's been the top formula racing teams that have made the jump to roadgoing supercars – names like Ferrari and McLaren come to mind – but a Formula 3 team based in Spain wants part of the action, and has revealed details and computer renderings of its own supercar.

Being developed by Spanish racing team GTA, the concept doesn't have a name yet and currently only exists on paper. The plans, however, call for a mid-mounted V10 pumping some 700 hp through a six-speed sequential transmission and cradled in a chassis built from carbon fiber and titanium, all with a targeted top speed of 340km/h (211mph). GTA hopes to build 99 units per year – we guess they took a page out of the Ferrari playbook by building one less than they thought the market could sustain – and has already taken eight orders at €600,000 apiece. A firm delivery date has not yet been set, but track testing will begin in August. We'll be watching to see how the project progresses.