Porsche used the recent Goodwood Festival of Speed as an excuse to pull the wraps off the latest 911 GT2 RS, the most powerful car ever to bear the 911 badge thanks to a 700-hp turbocharged engine.

That engine is a 3.8-litre horizontally-opposed six-cylinder, based on the one in the 911 Turbo but cranking out a full 120 hp more thanks to larger turbochargers and more effective intake air cooling to control combustion temperatures. The 700-hp rating also marks an 80-hp uptick over the outgoing GT2 and its smaller 3.6-litre engine.

GT2 RS models eschew the all-wheel drive system used in the 911 Turbo and the tiny rear seat found in the rest of the range, but add a titanium exhaust system. Those deletions cut weight to 1,470 kg with a full tank of gas, and allow the car to sprint from zero to 100 km/h in an astonishing 2.8 seconds with the help of the dual-clutch PDK transmission.

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Porsche will make the GT2 RS even lighter if you opt for the Weissach package, which brings in roof and suspension components made of carbon fibre, for a weight savings of 20 kg. Those items join standard carbon-fibre elements in the front fenders, rear air intakes, and mirror shells.

The 911 GT2 RS’ interior is awash in Alcantara, leather, and carbon weave, including the full bucket seats.

At speed, Porsche says air intakes and outlets in the bodywork and the huge rear spoiler contribute to aerodynamics that “have mastered both form and design.” Inside big wheels – 20 inches up front, and 21 inches at the rear – live Porsche’s ceramic composite brakes as standard.

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On the handling front, the GT2 RS comes standard with a rear-axle steering system that’s an option in other 911 variants. It helps increase maneuverability at low speeds, while increasing stability and agility at highway and racetrack velocities.

In Canada, the GT2 RS sells for $334,000, making it the most expensive – but also, arguably, the most capable – 911 variant by a wide margin. The Weissach pacakge adds another $35,370 to the bottom line.