Hennessey is aiming to achieve a world record top speed with the Venom F5.
Earlier this year, the car’s powertrain was debuted at the Monterey Car Week.
Powering the new hypercar is a twin-turbo 7.6-litre V8 engine which is expected to produce at least 1,600 hp and 1,760 Nm of torque.
This will allow the car to celebrate from 0-186mph in under 10 seconds and on to an unknown top speed.
Previously the carmaker has aimed to hit a 300mph top speed.
However, John Hennessey has now stated that the firm is aiming for 311 mph.
“I’d like to run 500 km/h. Which is 311 [mph] and change,” he said.
Motor Authority recently spoke to the CEO who confirmed that to achieve the top speeds it would end more power
He said: “Currently, our CFD testing and our engineers tell us we need about 1,520 hp (1,133 kW / 1,541 PS) to break 300 [mph] (482 km/h).”
In addition to this, Michelin recently announced that it was developing tyres to be able to achieve the 300mph top speed.
A combination of heat, wear and pressure puts significant strain on the car tyre at higher speeds.
Recently it was revealed by the firm that the new 7.6-litre V8 engine has been tested at over 2,000bhp
Towards the end of 2017, there was a battle for the world’s fastest car hit new heights.
The Koenigsegg Agera RS stole Bugatti’s thunder by claiming a new top speed record of 277.87 mph.
It also took the 0-249-0mph record away from the new Chiron just weeks after it had claimed it.