We heard the first rumor about the Mercedes-AMG One in August 2016, and the automaker confirmed it was working on the project a month later. The official announcement is now around 4.5 years old, and development continues. New spy shots reveal the latest stage of development.

The exterior of this one has a mostly camouflaged body, except for the exposed vents on top of the fenders and black trim. The styling is a mix of flowing shapes and motorsport-inspired elements. The front features a massive opening with radiators visible behind the various crosspieces.

Gallery: Mercedes-AMG One Spy Photos

The back end has a scoop over the roof for directing air to the engine back. A large fin runs down the tail to aid in high-speed stability. All of the images of this car show the active wing deployed. It has a complex design with a middle section that can move separately.

The tail has a massive diffuser. Above it, there's an interesting exhaust layout with a large central outlet and two smaller ones flanking the lower portion. The taillights here appear to be placeholder parts because the ones in official teasers have a more unified look.

While there's only a glimpse, what we can see of the interior looks production-ready. The driver grips an F1-like rectangular steering yoke. There's a screen right behind it and another display that faces the driver on the center stack. The cabin features lots of exposed carbon fiber.

The Mercedes-AMG One uses a turbocharged 1.6-liter V6 with four electric motors. It produces over 1,000 horsepower (746 kilowatts), and a rumor says the figure is 1,200 hp (895 kW). This powertrain was the reason for the hypercar's delay because the engineers had to modify things to comply with more stringent WLTP regulations.

Mercedes-AMG is making just 275 units of the hypercar. It already sold the entire production run for $2.7 million each. The first deliveries should begin this year.

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