After presenting the P1 GTR concept and a racetrack version of the 650S at Pebble Beach, McLaren is reportedly preparing the 500S, which will be more affordable and less powerful than the 650S.

This entry-level model will likely be unveiled at the 2015 Geneva Motor Show, according to the British publication Car Magazine.

As indicated by its name, the McLaren 500S is said to have a maximum output of 500hp from its 3.8-liter twin turbo V8 engine.

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Previously known as the P13, this car is slated to be more affordable, less technically advanced but also more spacious compared to the current 650S.

On the contrary, its exterior appearance could be quite different, according to comments made by McLaren Automotive CEO Mike Flewitt. Its carbon fiber chassis should ensure its lightweight construction and top-rate performance.

There will eventually be three versions of the model: an entry-level McLaren 500S Coupe to be launched during summer 2015, a 500S Spider (convertible) in 2016 and finally a 500S GTS (a sportier model) by 2018.

Finally, the magazine’s sources inform that the McLaren 500S could sell for as little as €140,000 or £110,000 (around $187,000).

This price would place the new sports car in competition with high-end editions of the Porsche 911 and the Audi R8, for example.