McLaren has confirmed that its upcoming entry-level model, previously known by the codename P13, will be officially known as the Sports Series.

Slotting below the 650S, the new car promises to bring “McLaren credentials and exclusivity” to the sports-car segment for the first time.

Contradicting earlier rumors, the company has confirmed that the Sports Series will still be powered by a mid-mounted V8, rather than a turbocharged V6, despite its lower positioning. It will also retain a carbon-fiber chassis, consistent with the more expensive 650S and P1.

Previous reports suggest the new model will accelerate from zero to 100 kmph in four seconds, with a top speed around 300 kmph. It is expected to carry a $210,000 sticker price, a $55,000 savings compared to the 650S.

The Sports Series is scheduled to make its world premiere in the second quarter of 2015.