It’s been a very long time in the making, but it looks like Melbourne-based JOSS Developments is nearing the production phase of its V8-powered supercar model, internally codenamed JP1. The company today announced that it will preview the future production version of the JP1 at the forthcoming Australian International Motor Show (AIMS), which takes place this year at the Melbourne Convention and Exhibition Center from July 1 to 10.

The Australian startup said it will showcase an evaluation prototype as well as a wind tunnel model of the production JP1 and select componentry from its technical partners. This will be the second time that JOSS Developments will be exhibiting the vehicle to the public after the appearance of an early prototype model in Melbourne in 2004.

“We had an amazing reception for our JT1 prototype in Melbourne several years ago, but building a car business is very involved,” said JOSS Developments Technical Director, Matt Thomas.

“So JOSS Developments has spent the last few years working on the business: building investment, working with our technical suppliers, and putting in place the right people so that when we launch JP1 the company will be geared up to deliver a great product to the market” Thomas added.

The test version of the JP1 is fitted with a mid-mounted 6.8-liter all-aluminum V8 cranking out 440-horsepower and 420 lb-ft of peak torque. The V8 is matched to a Porsche-sourced 5-speed manual gearbox. The company said the prototype tips the scales at just 940 kg (2,072 pounds) and can complete the 0-100 km/h (62mph) sprint in less than 3.0 seconds and the quarter-mile run in 11.9 seconds, en route to a top speed of 300 km/h (187 mph).

The production model will be motivated by a V8 engine of unknown displacement and origin pushing out more than 500 ponies, with power sent to the rear wheels through a 6-speed manual gearbox. Joss Developments claims that the carbon-fiber bodied JP1 will be capable of running the 0-100km/h sprint in under 3.0 seconds, the ¼ mile in less than 11.0 seconds while topping out at 340 km/h (211 mph).

The estimated price tag for the V8-powered supercar from Down Under is said to be over AU$500,000 (equal to US$530,000+ or €373,000+).

Following the Australian market launch of the locally made and subtly refreshed Cruze Series II Sedan in March, GM’s Holden division announced today that it has began testing the five-door hatchback version of the subcompact model to fine tune the car before its introduction later this year. Holden also released two new photos of the Cruze hatch, which was designed by the firm’s Port Melbourne design studio.

General Motors previewed the Cruze hatch as a thinly disguised concept car with Chevy’s bowtie logo in early 2010, while the production model made its world premiere at this year’s Geneva Salon. As with the sedan model, the only visible styling differences with Chevrolet’s version of the Cruze hatch concern the front grille and bumper designs.

Holden is still keeping mum on the technical details, but it’s safe to assume that the hatchback’s engine range will mirror that of the Cruze II sedan. One of the cars pictured in the official photographs is equipped with a diesel engine, probably the same 2.0-liter turbo diesel with 161HP and 360 Nm of peak torque offered in the update four-door Cruze.

Other engine choices are likely to include a 1.4-liter turbocharged four-cylinder gasoline unit and a 1.8-liter naturally aspirated gasoline unit, both delivering 138-horsepower. A hotted up model with the 'SS' moniker sporting Opel's 180HP 1.6-liter Turbo is also said to be in the cards for the future.

The new Holden Cruze hatch will be manufactured at GM’s Port Elizabeth plant in Adelaide, with the first examples expected to reach showrooms in the fourth quarter of the year.

In Australia and indeed the world, Ferrari waiting lists are notoriously long. At one point the average wait time for a Ferrari 575M Maranello was as much as three years, as demand rapidly stripped out the brand’s relatively small production capacity. Whatever is a cashed up Ferrarista to do?

Well, you could just buy whatever’s available and drive that until your hot pink Ferrari 458 with the diamante-encrusted wheel arches and baby seal leather interior arrives. I mean, who cares about depreciation when you can lay down half a million on a factory fresh Ferrari? You’d be surprised how many Ferrari customers in Australia are doing this exact thing.

Edward Rowe, spokesman for Ferrari’s official Australia distributor, told the Brisbane Times:

“We had our first trade-in swaps on 458s barely four months after the car was bought. We actually have pre-owned 458s now because one set of customers literally ordered two cars — one with a very straightforward specification that would come straight down the production line as early as possible, and at the same time they ordered one with all the special spec they wanted. When that car turned up, they traded in the first one.”

Mr. Rowe is not concerned, however, as there are some very loyal followers of the Ferrari brand in the land down under:

“We have one owner who bought his first Ferrari in 1973, and I think he has bought about 15 since then and is yet to sell one. The very first Ferrari ever sold in Australia is still on the road in Melbourne, a (1950s-era) 212.”

Even though that 212 is probably not still in the hands of its original owner, it’s nice to see there are people in Australia who care so much for the Ferrari brand.

By Tristan Hankins