A secretive Italian company calling itself Project 1221 is developing a highly functional mid-engined 1000-hp supercar with a $750,000-plus price tag. The company plans to build just 200 copies of the vehicle, called MF1. Project 1221 principals include chief engineer Mauro Forghieri, formerly of Lamborghini and Scuderia Ferrari, and designer Emanuele Nicosia, formerly of Pininfarina. The first prototype is slated for a reveal this summer. For more information go to project1221.com.