By Adam Ripley

This week Volkswagen CEO Martin Winterkorn revealed that a successor to the iconic Bugatti Veyron is coming, and that it will feature hybrid technology.

Autocar reports that Winterkorn revealed development work had already begun on a follow-up model, which, like the Veyron, will vie for the title of world’s fastest production car. Volkswagen, Bugatti’s parent company, has already set a target top speed of 286mph, and the car is expected to produce as much as 1,500bhp.

Senior officials at Volkswagen had apparently been holding back the plans for the successor although sources have released information that prototype models had undergone preliminary testing.

Much like the car it is taking over from, the new Bugatti model will feature a carbon fibre monocoque, though will eschew the pursuit of lightness seen in its contemporaries, instead focussing on creating a luxury environment for its lucky occupants.

Earlier plans by Bugatti included replacing the mid-engined Veyron with a front-engined saloon called the Galibier. Customers disapproved, however, instead preferring an extreme sports car, so the project was quickly shelved.

Bugatti has already started the upgrading its factory in Molsheim, France, to accommodate the new car, which is expected to be unveiled in 2016, ahead of production commencing in 2017.