Bugatti has confirmed an all-new model is on the way and will be introduced either towards the end of 2015 or early 2016.

The Bugatti Veyron was launched back in 2005 so naturally a new model is in the works and promises to be "more than" just a replacement, according to VW Group's design chief Walter de Silva. In an interview given to Top Gear, he refused to provide any additional details but did say it will be a "piece of art" and the company has put "a lot of effort in the technology" to create a product that will "redefine the benchmarks."

According to the latest rumors, Bugatti's new model will be limited to 450 units and will stick with the Veyron's W16 8.0-liter quad turbo engine but teamed up with an electric motor. The resulted hybrid system is believed to generate a whopping 1,500 PS (1,103 kW) which should allow the French supercar hit a maximum speed of more than 270 mph (435 km/h). Some serious weight saving measures are certainly prepared in order to offset the added hybrid technology, especially taking into consideration the Veyron weighs a hefty 1,888 kg (4,162 lbs).

On a related note, de Silva also said there won't be a production version of the Galibier concept since it would "confuse" clients, but didn't want to elaborate on this topic.

Gallery: New Bugatti confirmed for late 2015 / early 2016 launch, will be 'more than' a Veyron replacement

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