Daimler AG has revealed that the new 2016 Mercedes-AMG GT sports car will be powered by a 503-horsepower twin-turbocharged 4.0-liter V8 engine.

The brand new 4.0-liter V8, which has been called the M178, achieves 479 lb.-ft. of torque, according to the automaker.

The engine is lighter and smaller than the AMG M157 engine, a twin-turbo 5.5-liter V8 engine that delivers around 517-577 hp and torque of 516-664 pound-feet, depending on the vehicle.

Though the 2016 GT is a follow-up to the $220,000 Mercedes-AMG SLS, it is not a direct replacement for the gullwing sports car, according to the automaker.

The GT is expected to be sold for around $120,000, despite the fact that it shares some of the same components from the SLS, according to company insider.

If they insiders are in fact correct, the vehicle would compete with the Porsche 911 GT3 and the Aston Martin V8 for sales.

Mercedes is taking its time releasing more information about its new GT. More specs are expected to be announced later this year.

Photos of the GT's interior were released earlier this year, according to the 2014 New York Auto Show.

The new model will most likely debut at the 2014 Paris Auto Show.

Interested customers can expect the 2016 Mercedes-AMG GT to reach U.S. dealerships next spring.

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