Volvo has announced the launch of the quickest car it has ever made – the new 367bhp Polestar V60.

The super Swede is powered by a specially enhanced version of Volvo’s four-cylinder Drive-E powertrain which produces 367bhp and 470 Nm of torque. It will sprint from 0 to 62 mph in an impressive 4.8 seconds before reaching a top speed of 155 mph.

The engineers at Polestar (Volvo’s performance wing) have added a bigger turbo, new conrods, new camshafts, a larger air intake and a higher-capacity fuel pump to augment the engine and matched it with a BorgWarner four-wheel-drive system and the new Polestar-optimised eight-speed Geartronic automatic gearbox.

The V60 Polestar’s roots stem from the Volvo S60 Polestar TC1, the all-new FIA World Touring Car Championship (WTCC) race car from Polestar Cyan Racing. The new road car uses the same base chassis and engine.

In addition to the performance modifications, Polestar has radically reduced the car’s weight. The V60 Polestar is 24 kilos lighter over the front axle and 20 kilos lighter in total compared with the previous version.

Other new features on the car include new 20” lightweight alloy wheels, Polestar-calibrated electro-assisted power steering and a new slotted front brake disc of 371mm.

Prices for the new V60 Polestar will be announced at a later date, and first UK deliveries are expected at the end of 2016.