Last updated at 12:01 20 February 2008

The world's first wooden supercar has been unveiled - and it's faster than a Porsche or a Lamborghini.

The 'Splinter' car can turn out a whopping 700bhp from its twin supercharged, 4.6litre V8 engine - almost 300bhp more than a Porsche 911.

And with a top speed of a staggering 240mph, it will leave the Porsche or even the brand new Lamborghini Revanton trailing in its wake.

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Wooden supercar: The vehicle is faster than a Porsche

The entire car, which is made from a combination of maple, plywood and MDF, weighs just 1,134kg - some 240kg less than the super lightweight Porsche.

The eco-friendly two seater, which is fitted with a six-speed, manual gearbox, can sprint from 0 to 60mph in just over three seconds.

But despite its awesome power, designers say the stylish petrol driven car will still be able to do up to 20mpg.

Designer Joe Harmon, who is head of the project, said: "Wood is a truly amazing material to work with.

"It has a higher strength-to-weight ratio than aluminium or steel, and it possesses a versatility that makes many different types of construction techniques possible.

"The look, feel, and smell of a natural material like wood is not seen elsewhere and cannot be faked, and the satisfaction involved in making something from a piece of wood is awesome.

"This is a supercar designed to push boundaries and prove the potential of wood as a material."

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Carefully carved: The car is made completely out of wood

The 15ft-long car has a laminated wood veneer chassis and wooden wheel rims inside giant 20 inch diameter tyres.

Suspension is provided through laminated wooden arms and springs made from orange wood.

Joe, from North Carolina, US, added: "The light weight is achieved through careful design and composite construction.

"The Splinter is not made from any carved-out, solid chunks of wood, but rather moulded laminates."

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Under the bonnet: The wooden car can reach a top speed of 240mph

The car is due to hit the road later this year. The design company, Joe Harmon Design, has not yet decided on a price for the supercar.

And according to 27-year-old Joe, it might not be long before Formula One star Lewis Hamilton is behind the wheel of a wooden car.

He said: "An F1 car could definitely be made from wood.

"Some extremely creative engineering would have to go into it to overcome the strength-to-weight and mouldability benefits of carbon fibre, but it's definitely possible.

"Getting permission to race it would probably be a bigger challenge than engineering it. But it would be fun to try."

Drivers are kept safe by a roll cage which also stiffens the chassis and defines the rear profile of the car.