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Development of this vehicle began with the 1999 EB 16/4 "Veyron" concept car, which itself had a chassis based on that of the Bugatti 18/3 Chiron concept car. It was similar in design and appearance to the final Veyron production car. One major difference was the EB 18/4's use of a W18 engine with three banks of six cylinders. The Veyron's chief designer was Hartmut Warkuss, and the exterior was designed by Jozef Kabaň of Volkswagen Group, rather than Giorgetto Giugiaro of ItalDesign, who had handled the three prior Bugatti concepts.
Volkswagen Group's then-chairman Ferdinand Piëch announced the Veyron at the 2000 Geneva Motor Show. It was promised to be the fastest, most powerful and most expensive car in history. Instead of the W18, it would use a VR6/WR8-style W16 engine. First seen in the 1999 Bentley Hunaudières concept car, the W16 would have four turbochargers, and produce a quoted 736 kilowatts (1,001 PS; 987 bhp) (see engine section for details on the power output). Top speed was promised at 407 kilometres per hour (252.9 mph), and the price was announced at €1 million.