Jaguar Canada has attached a price tag to the monstrous Project 8 variant of the XE compact sedan the company previewed last year: $208,000.

That large sum of money buys you a car Jaguar claims is the world's fastest production sedan in the wake of a recent 1:37 lap of Laguna Seca – nearly a second faster than the previous sedan record – which comes after a 7:21 run around the Nürburgring Nordschleife last November.

Those feats live up to the hype that goes with a car Jaguar says is its most powerful road-legal car ever, thanks to a 592-hp version of the supercharged V8 that propels various other high-end Jaguar and Land Rover models.

The modified V8 powers all four wheels through an eight-speed automatic transmission and a special rear differential. Other special bits include F1-style ceramic wheel bearings, adjustable ride height and camber, carbon ceramic six-piston front brakes and carbon fibre aero bits that include an adjustable rear spoiler. 

The world has not known many 600-hp compact luxury sedans, and Jaguar plans to keep it that way by limiting worldwide production to just 300 examples, a move that guarantees a fair bit of exclusivity for anyone who antes up. Jaguar will build the Project 8 at its Special Vehicle Operations (SVO) facility in Coventry, UK.