When MG decided to enter the supercar market with the SV-R in 2002 they created four Prototypes based on Qvale Mangusta cars. These were called XP1, XP2, XP3 and XP4. This car is XP1 used for high speed engine and suspension testing. During high speed testing at Nardo (Prototipo) in Italy, the car achieved 206mph!
XP1 was under the charge of David Price Racing and the history of the car is covered in great detail in the book MG Xpower SV by David Knowles. The car's paint is original - blackboard paint rumoured to have been bought at the last moment from B&Q by Dave Price and applied prior to the first test.