Hyundai has just unveiled the Veloster rally coupe and its 2,656 pounds of awesome. Full coverage inside

Hyundai and Rhys Millen Racing have pulled the wraps off the new Veloster rally coupe at the Chicago Auto Show.

Built from the ground up, the car features a stitch-welded chassis, a custom suspension, a race-spec interior, and 18-inch HRE wheels with Hankook tires. Furthermore, thanks to carbon kevlar body panels, the car weighs 2,656 pounds (1,205 kg).

Now for the the real coup de grâce, the Veloster is powered by a turbocharged four-cylinder engine that produces 500 hp (373 kW / 507 PS) and 600 lb-ft (813 Nm) of torque. It sends power to the ground via an Xtrac six-speed sequential transmission and an all-wheel drive system.

According to Mike O'Brien, Hyundai's North American vice president of Product and Corporate Planning, "The all-new 2012 Veloster is a playful, fun to drive car and thanks to Rhys and his team we're excited to introduce it to racing fans ahead of its launch this summer. I teamed up with Rhys' father, Rod, nearly twenty years ago for Hyundai's original Pikes Peak rally program, so it is great to be back in the sport again with his son inspiring a new generation."

A total of three Velosters will be built and they will compete in the U.S. Rallycross Championship (2WD / AWD) and the Summer X Games.