In December 2007, American Honda CEO, Tetsuo Iwamura, confirmed a new supercar powered by a V10 engine would make its introduction to the market by 2010. The new sports car would be based on the Acura ASCC (Advanced Sports Car Concept) introduced at the 2007 North American International Auto Show. With Honda CEO Takeo Fukui challenging the developers to make the vehicle faster than its rivals, prototypes of the vehicle were seen testing on the Nürburgring in June 2008. On 17 December 2008, Fukui announced during a speech about Honda's revised financial forecast that, due to poor economic conditions, all plans for a next-generation NSX had been cancelled. In March 2010, the Acura NSX project changed name to Honda HSV-010 GT and was entered in the Japanese SuperGT Championship. The HSV-010 GT is powered by a 3.4-liter V8 sending somewhere in excess of 500 hp (373 kW) through the sequential manual gearbox from Ricardo.