Honda released the first official details of its new HSV-010 GT, which stands for Honda Sports Velocity, and has been developed to replace the racing variant of the NSX in the GT500 class of the 2010 Super GT Series. The HSV-010 GT is based on the NSX’s replacement that Honda canceled at the end of 2008. According to company sources, the V10 supercar would have been the Japanese automaker’s most powerful production model ever. The HSV-010 GT carries the production-ready supercar’s shape and underpinnings though Honda’s engineers swapped the V10 engine for a 3.4-liter V8 that boasts 500HP and replaced the rear-biased all-wheel drive system for a simpler rear-wheel drive layout to conform to the 2010 GT500 Regulations. Honda’s new GT is slated to make its official racing debut at the Super GT season opener at the Suzuka Circuit, held on March 20–21, 2010. Check out some video here.