It’s not often that Bugatti, the ultimate luxury performance car company, unveils a new car. Once the peak in European luxury coachbuilding, the brand was first revived in the 1990s by the Italian entrepreneur Romano Artioli, only to go bankrupt after producing the cult-favorite EB 110. It was properly brought back to life at the turn of the century by the übermensch of Volkswagen, Ferdinand Piëch.

His demands for a new Bugatti were so absurd that half his engineering team resigned on the spot. Those who stayed made the Veyron, a modern classic that broke power, top-speed, and acceleration records with more than 1,000 horsepower.

This was followed by various special editions and its sequel, the Chiron, unveiled at the 2015 Geneva Motor Show, which refined the formula of the Veyron and once again beat speed records. I was a teenage hobbyist photographer at the time, and no car drew as much attention at the show.

In 2021, Volkswagen sold off the brand, merging it with the Croatian electric car company Rimac to become Bugatti Rimac. In the remaining years, car fans have wondered what their first new Bugatti would look like, and we found out today in the $4.1 million Tourbillon. Though it’s the product of new owners, it’s clearly an evolution of the existing formula.

To start with the powertrain: gone is the legendary quad-turbo W16 of the Veyron and Chiron, replaced with a naturally aspirated all-new V16 paired with a three-motor hybrid system. The total output is 1,775 horsepower, and the Cosworth-engineered engine can reach 9,000 revs, pulling the car to 60 mph in two seconds, 125 mph in less than five seconds, and hitting a limited top speed of 277 miles an hour. Expect Bugatti’s test drivers to beat that, though, and make it the fastest production car on earth.

Despite the added complexity and 300 kg of a hybrid system and longer large-displacement engine, the Tourbillon will weigh slightly less than the Chiron and can be operated as the buyer likes: electric only, combustion engine only, or in the standard hybrid mode. Along with being the first hybrid Bugatti, it’s also the only modern Bugatti that sounds good.

The Veyron had a slightly droning engine note, which was refined for the Chiron, but the V16 has a somewhat unique character, particularly in first and second gear. It’s not as compelling as other modern hypercar engines — neither with the cheerful soul of the Pagani Utopia nor the race car scream of the Gordon Murray T.50 — but there hasn’t been a production V16 car since the 1930s, so at least it’s distinct.

Finally, the design is clearly an evolution of the Chiron and a mixed success. The emphasis has been on reducing the frontal area and height, which gives it a wider, lower, more aggressive forward-leaning stance but also has produced a far more visually complicated front end.

The classic horseshoe grill is both wider and jutted out; the lights have a strake on the inside to create “floating buttresses” and also a large extended ridge below somewhat reminding me of the front bumper on a Chrysler Crossfire; and the front diffuser is more complex. When paired with the simple, more elegant design, it creates the visual impression that the car has been pinched in at the front, everything creasing towards the grill.

The rear, though, is a genuine highlight in a fantastic balance of luxurious form and racing function. The low nose only serves to further exaggerate the curved muscular rear haunches, which meet to a simple uncreased rear surface and contrasts the raw functional look of the extended unpainted carbon diffuser.

The only disappointing element of the rear are the tail lights, taken directly from the 2021 one-of-one $19 million Bugatti Voiture Noire. The best details leave the engine exposed, fully on show, and leave most of the back of the rear tire exposed— a difficult trick to pull off legally and aerodynamically in a road car that has a great race car look.

The interior is the biggest downgrade from the Chiron, as they have just taken the existing elegant interior and made it tackier. The watch-inspired “Tourbillon” name comes full into effect here with an overcomplicated skeletonized dial and instrument cluster, which screams craftsmanship, but details shouldn’t scream in a luxurious design.

Perhaps the worst offender here is the floating hub steering wheel, where the central point and dials are fixed and the “wheel” that you hold rotates around it. Though this is supposed to improve readability when driving, it feels gimmicky and results in a steering wheel that is large, off-centered, and juts out further than the central hub.

It reminds me of the gimmicky steering wheels of 1970s and 80s concept cars — like the 1972 ItalDesign Maserati Boomerang or 1980 Bertone Lamborghini Athon — but there was a reason those designs never made production.

The only real improvement is that by moving the gearbox behind the engine rather than between the passengers, the greenhouse is now smaller, and the passengers are closer while still being comfortable.

The total result is an impressive hypercar, albeit not a particularly revolutionary or inspiring one, unlike competitors like the Gordon Murray T.50 or Koenigsegg Gemera. My hope is that this new entity pushes the brand of Bugatti into more interesting domains, perhaps building a super-saloon like the beautiful ill-fated 2009 Bugatti 16 C Galibier concept, which still looks modern today and has a far more beautiful interior.

However, if you were interested in buying a Tourbillon, you can’t. Even if you find $4.1 million in the couch cushions, it will be limited to 250 units, and all are already sold out to existing Bugatti customers.