British carmaker McLaren has been talking about developing a pure electric vehicle for a while now, but we didn't realize the company's plans were so far advanced. Yesterday, the carmaker unveiled the all-electric P1TM: a £375 ($486) kid's car that boasts a top speed of 3 mph and is "the most compact car yet to wear the McLaren badge." Now we can see where those rumors about Apple wanting to buy McLaren came from — this is some pretty impressive tech.

As per McLaren's press release, here's how the P1TM differs to its bigger brother, the P1:

Firstly, it has a central driving position, just like the iconic McLaren F1. Then secondly, the young will be able to experience what adults never could: an open-top McLaren P1™. Yet cleverly the design still retains McLaren’s signature dihedral doors. And like every McLaren, its acceleration is startling. The zero to maximum speed dash takes just two seconds.

McLaren says the P1TM comes with a built-in sound system (preloaded with all the latest nursery school bangers including, apparently, "Hickory Dickory Dock"), as well as lights, air-con, three speeds and a reverse gear, and a one-button start / stop "ignition." The only thing really missing is the usual array of customization options, with McLaren only offering the P1TM in a single color, "Volcano Yellow." Let's hope Apple buys the carmaker soon — we'll have a rose gold version before we know it.