American race team, TranStar Racing, is to build a bespoke supercar called the Dagger GT and it will attempt to be the first production car to crack the 300mph barrier. The project sees the coming together of a team of race car builders, engine builders and racing parts suppliers, along with ex-NASA aerodynamicists.

The limited production Dagger GT will be powered by a mid-mounted multi-fuel engine that produces 1,300bhp on regular unleaded and 2,000bhp on race fuel. This is delivered via two tanks and dual-fuel injectors for each cylinder.

The car will attempt a world record-setting top speed of 300mph for production cars at Bonneville aiming to eclipse the current land speed record of 268mph, which was set recently in Germany by the Bugatti Veyron 16.4 Super Sport.

Starting prices for the Dagger GT will be in the region of $400,000 (about £262,903) with custom options determining the final price. Just five cars will be produced in 2011.