We have a new rendering, and an update, on the Ferrari P4/5 Competizione. The story inside.

The good blokes at Jalopnik got in touch with gearhead/horror pic director Jim Glickenhaus about the ongoing development of his new Ferrari P4/5 Competizione.  The car, seen in this latest rendering, will use the same V8 engine and suspension as the Ferrari F430 GT2 ALMS race car.

At the same time, it will share a similar design as Glickenhaus' unique Ferrari Enzo P4/5, built by Pininfarina, utilizing a modified body from the F430 Scuderia.  The P4/5 Competizione will debut in the 2011 24 Hours Nürburgring race, possibly in the experimental classification.  That could mean that the car will be pitted against the Porsche 918 Spyder and/or the 911 Hybrid, according to Jalopnik.

After the race, the car will be converted to a street legal machine, just like the original P4/5.  The original used 20-inch aluminum alloy wheels, updated headlight clusters, LEDs, and 200 other unique parts.

Currently, the 2011 Nürburgring 24 Hours is scheduled for June 25-26.

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