The then – Volkswagen Group chairman Ferdinand Piëch announced the Veyron at the 2000 Geneva Motor Show. It was promised to be the fastest, most powerful and most expensive car in history. Instead of the W18, it would use a VR6/WR8-style W16 engine. First seen in the 1999 Bentley Hunaudières concept car, the W16 would have four turbochargers and produce a quoted (metric) 1001 horsepower (see engine section for details on the power output). Top speed was promised at 407 km/h (253 mph), and the price was announced at €1 million.