'The Stratos is a showcase for Fenomenon's creative, engineering and product management skills,' said Hrabalek, who has a personal collection of 11 Stratoses. Funding for the show car was raised by a group of investors, many of them enthusiasts and owners of examples of the original car.

If partners can be found to progress the car to a working prototype, the prospect is mouthwatering. The concept has been designed around a 3.5-litre V8, mounted behind the cockpit and driving the rear wheels through a six-speed sequential gearbox. No engine deal has been done, but Hrabalek says the 420bhp V8 from the Ferrari 360 Stradale would be the perfect powerplant.

The design envisages a carbonfibre and aluminium composite main structure, with unstressed carbonfibre exterior panels. The show car has its doors hinged on a central pillar running down the middle of the windscreen, but this would not be practical for production cars, which would have conventional A-pillars. The new Stratos is as compact as the original, and the projected weight would be under 1000kg. Long-travel suspension would allow it to be marketed in developing countries as well as the western world.

'Many potential buyers live in countries whose road networks do not support modern ultra-high performance cars with their low ground clearance and limited suspension travel,' said Hrabalek. 'The Stratos is at home not only on rough tarmac surfaces but dirt roads too - just like the Lancia original.'

If the project attracts more backing, a working prototype could be shown later this year with a view to small-scale production by 2007. Here's hoping.