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It's the fastest production car Ferrari ever built. And the most powerful. And, priced at $1.4 million, it's the most expensive.
But even if you have the money, you probably can't get the LaFerrari. It's sold out.
"This car is going to be the benchmark of the auto industry," said Marco Mattiacci, the president and CEO of Ferrari North America. "The combination of incredible design, Italian heritage, make this car the hottest car in the world right now."
Unveiling the car for the first time on U.S. national television, Mattiacci said, the plan was to build just 499 LaFerraris and sell only 120 in the U.S., but all are already sold.
(Read more: Ferrari cuts production: Slump or strength?)
LaFerrari is Ferrari's first supercar in more than a decade, after the Enzo launched in 2002. LaFerrari is a technological wonder, with a semihybrid engine that combines a 12-cylinder, 6-liter combustion engine with an electric engine that creates a combined 960-plus horsepower.
The car can do zero to 60 mph in less than 3 seconds and has a top speed of 220 mph. It set a record for the fastest time ever for a production Ferrari at the company's Fiorano test track.
LaFerrari is also part of a new strategy for Ferrari to make its brand and its cars more exclusive. While Ferraris have always been one of the signature toys of the very rich, the rise of even pricier, more limited-edition supercars—like Bugatti and Pagani—have driven Ferrari to limit production to give its brand even more cache.
(Read more: Amazing supercar experiences)
The company announced this year that it will build only 7,000 cars—down from just over 7,300 last year. In the nine months ended in November, Ferrari's revenue is up more than 6 percent to $2.3 billion and profit is up 20 percent to $350 million.
Mattiacci said wealthy consumers right now are increasingly seeing Ferraris as investments—especially as prices for vintage collectible Ferraris soar. A 1967 Ferrari N.A.R.T. Spider sold this summer for $27.5 million, making it the most expensive Ferrari ever sold at auction.
(Read more: Ralph Lauren's new $700,000 supercar)
Ten years ago, the Enzo had a sticker price of $650,000, and Enzos are now selling for about $2 million, said Mattiacci. LaFerrari, he said, will likely follow the same value curve.
"The trajectory of [the LaFerrari] car is going to follow exactly the vintage Ferrari cars. This is a unique piece, the first hybrid Ferrari," he said.
—By CNBC's Robert Frank. Follow him on Twitter: .