Brabham, the long-time Formula 1 manufacturer founded by Jack Brabham and Ron Tauranac in 1960, has announced its return to manufacturing cars with the reveal of its brand-new Brabham BT62 track-only hypercar.

Unveiled in London there will be only 70 BT62 chassis built, to commemorate the 70 years Brabham has spent in motorsports. 35 of the chassis will be dedicated to each of Brabham’s Formula 1 victories.

According to Brabham, the car, designed from scratch, and with a base price of £1 million, has been optimized to perform at race tracks. It weighs just 972kg, and will be powered by a 5.4 litre V8 engine that produces 700 BHP, the BT62 carries a power-to-weight ratio of 730 ps per tonnes.

The first cars are expected to be delivered to customers later this year, all of whom will undergo a driver development course with Brabham engineers to learn its ins and outs.

Off the back of the launch of the car, Brabham has revealed that it has a long-term plan to “see the iconic Brabham name return once again to compete on the race track, with the 24 Hours of Le Mans firmly in its sights”.

“It’s with great pride that I honour and continue my father’s legacy in revealing the next chapter in the evolving Brabham story,” said David Brabham, the company’s managing director.

“The team we have in place, and the vision it shares, provides a solid platform for Brabham Automotive to execute its long-term business strategy. Our first step to deliver on that strategy is the Brabham BT62, a car truly worthy of carrying the iconic Brabham name.”