Other top cars making their debut at the Frankfurt show include BMW's M5 Super Saloon, Bentley Continental GT, Lamborghini Aventador S Roadster, Porsche Cayenne, Ferrari Portofino and the Audi A7.
Mercedes-AMG has managed to keep the weight of the vehicle in check thanks to its carbon fibre body.
AMG hasn't confirmed too many definitive specs yet, but it's given us a preview of what to expect.
Like the winning Mercedes-AMG F1 vehicle, this petrol engine is paired with four electric motors - a 120kW electric motor on the turbo, one on the crankshaft and two smaller electric motors driving the front wheels.
Each front wheel has a 120-kilowatt electric motor that allows the fully-electric front axle allows to independently distribute power to either wheel.
One of them drives the turbocharger as a torque filler. If that wasn't enough, a fourth electric motor is found within the turbocharger to help eliminate turbo lag.
And you won't hit the red line on the rev counter until a barely believable 11,000rpm.
AMG has only released two estimated performance figures for the Project One-a top speed of at least 217-mph and a sub-6.0-second 0-124 miles per hour run.
Thanks to this, plus a kerb weight which MOTOR hears should be around 1200kg, the Project One will reach 200km/h in under a claimed 6 seconds.
The hypercar features an electrically powered front axle that provides it with all-wheel drive in its more performance-oriented driving modes. Its EQ Power + electric drive system runs at 800 Volts, double the standard voltage.
MOTOR will bring you a closer look at the Mercedes-AMG Project One in the near future. The gearbox is electromechanically/hydraulically automated or can be shifted using the steering wheel paddles. The gas engine will drive the back wheels through an eight-speed single-clutch automatic transmission developed by Xtrac, the same folks who supply the Mercedes F1 race vehicle. Suspension is via multi-link on both the front and rear ends with pushrod-style springs and dampers.
Inside the Mercedes Project One.
Mercedes describes the cabin as 'Formula 1 for two.' Deep bucket seats with adjustable backrests are present, while the square steering wheel is noticeably Formula 1 inspired.
The interior on the auto is very basic and features a squarish steering wheel with a set of screens to feed information to the driver.
Will he get one?
The Project One is a more track-focused kinda vehicle than the Bugatti Chiron. But there are a lot of elements that make the Project One looks absolutely stunning - for instance the butterfly doors, the roof mounted air intake and that large wing at the back.
And amazingly, all this is street legal. With its design developed from Mercedes-AMG's Formula One racer, it can produce more than 1,000 horsepower in drive unit. We'd be shocked if this wasn't the case in the United States too.
Mercedes will only build 275 example of the Project One, with each of them selling for $2.72 million.