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Ferrari and McLaren unveil hybrid supercars

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COLLEEN BARRY | March 5, 2013 03:08 PM EST | AP

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GENEVA — Hybrids aren't just for fuel economy any more.

Ferrari and McLaren both on Tuesday unveiled sleek hybrid supercars sculpted from carbon fiber at the Geneva Motor Show.

`'LaFerrari" is the name of the new special edition Ferrari.

`'Owners say they have a Ferrari," Chairman Luca di Montezemolo said. `'This is THE Ferrari."

Montezemolo said the electric engine has a performance appeal that is proving a draw to Ferrari owners.

Only 499 of the models will be built – and some 700 people, many of them Ferrari owners already, have registered interest, requiring a selection process for the future owners. The price tag: (EURO)490,000 ($639,000).

The McLaren P1 in a glittery racing yellow set off by hash-marked slate gray cuts a racetrack figure.

The hybrid technology has performance advantages because the electric engine fills in the gap before the turbo engine kicks in, P1 program director Paul McKenzie said. It's a tiny effect, but everything counts in supercars.

The P1 can do 0-180 mph (0-300 kph) in under 17 seconds. It sells for $1.3 million, with just 375 in the series.