yundai’s new Veloster barely made its debut at the recent Detroit Auto Show a month ago but a race ready version is to make its debut tomorrow at the Chicago Auto Show! The rally car has been developed by Rhys Millen Racing (RMR) and will compete in the 2011 U.S. Rallycross Championship at the hands of Rhys Millen with Red Bull providing the sponsorship.

The stock version of the Hyundai Veloster is powered by a 1.6-Liter engine that produces a maximum of 138 bhp at 6,300 RPM and 123 lb.-ft of torque at 4,850 RPM. But this has been swapped out for a turbocharged 2.0-Liter four-cylinder engine that has been modified to produce 500 bhp and 600 lb.-ft of torque! The engine is mated to an X-Trac six-speed sequential transmission that transmits the power to all four wheels. The rally car has also been lightened considerably by stripping out the unnecessary creature comforts and replacing the metal body panels with carbon/Kevlar so it should really go!

We can’t wait for the stage times with the first round in the US Rallycross Championship scheduled to take place on March 26-27 at Irwindale Speedway in Irwindale, California. See you there!