A new Australian supercar is nearing production after a deal was struck with a supplier for a “state-of-the-art gearbox and drive system.”

The JP1 is the work of Joss, Australia's first dedicated supercar company, and it will use a gearbox supplied by Albins that's capable of handling high power and torque outputs, as well as being fit for competition use.

The JT1 was first seen at the Melbourne motor show in 2004. Its power comes from a V8 engine that produces in excess of 500hp.

The company has previously said initial production will total 25 units, while the company also has aspirations to enter GT racing events and Le Mans.

The JP1 has already become familiar to virtual supercar drivers worldwide, having appeared in the Xbox games "Project Gotham Racing" and "Forza Motorsport."