An Italian company by the name of Kimera Automobili has just unveiled the EVO37, a reimagined Lancia 037 that retains the iconic rally car’s looks and combines them with modern technologies.

Powering the Kimera EVO37 is a 2.1-liter four-cylinder just like an original 037. However, this engine has been redesigned under the guidance of Claudio Lombardi, who was responsible for building the engines of the original rally cars. It boasts both a supercharger and a turbocharger (like the Delta S4 that succeeded the 037 in rallying) and pumps out over 500 hp and 406 lb-ft (550 Nm) of torque, which are sent to the rear wheels via a manual transmission.

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No stone was left unturned in the pursuit of turning the EVO37 into a remarkable performance machine. As such, it features redesigned suspension from Ohlins and upgraded brakes from Brembo and sits on a set of unique 18-inch front and 19-inch rear wheels.

Original Lancia 037s had body panels made from fiberglass but the car from Kimera replaces these with lightweight carbon fiber parts. While no weight figure has been announced, it is expected to sit around the 1,000 kg (2,200 lbs) mark. When combined with the aforementioned horsepower and torque figures, there’s no doubt that the Kimera EVO37 will be very, very quick.

The exterior of the car retains the same overall shape of the Lancia 037 but it does feature some modern parts, including updated head- and taillights. It looks especially striking in the shade of red pictured but customers will be offered a host of different exterior finishes.

Kimera plans to build just 37 units priced at €480,000 (~$585,000) each. The EVO37 will be presented to the public at the upcoming Goodwood Festival of Speed while customer deliveries will begin in September.