Land Rover is taking the performance SUV fight to Porsche as the Brit luxury car maker has unveiled a 550 horsepower version of its popular Range Rover Sport.

The car, which is being launched at the prestigious Pebble Beach concourse event, is the fastest, most powerful Land Rover ever produced and the first to wear the SVR designation being adopted by future Land Rover and Jaguar high-performance models.

The Range Rover Sport SVR accelerates from 0-60mph in 4.5 seconds and boasts a top speed electronically limited to 162mph plus a Nurburgring Nordschleife lap time of eight minutes 14 seconds – one of the fastest times ever recorded by a production SUV.

Commenting on the new model, John Edwards, Managing Director of Land Rover’s Special Operations, said: “The Range Rover Sport SVR is a natural progression beyond the core vehicle’s outstanding on- and off-road capabilities and leading-edge design. Its exhilarating performance will satisfy a particularly demanding customer set.

“A thorough range of revisions specially developed by Land Rover’s Special Vehicle Operations combine to make this premium derivative even more distinctive both inside and out, as well as taking its dynamic capabilities to the next level without impacting on comfort, refinement or all-terrain versatility. The Range Rover Sport SVR is truly the world’s most capable performance SUV.”

Customer orders can be placed from October 2014 at an on-the-road price of £93,450 with first deliveries expected in early 2015.