Ferrari’s first hybrid supercar, the LaFerrari, has taken the prize in the Best Sports Car category during the Best Cars 2014 awards celebrated in Madrid.

The award ceremony held at the Santiago Bernabeu Stadium was organized by the Spanish motoring magazines Autopista, Automóvil, Coche Actual and Autovía.

Ferrari’s LaFerrari is a limited-edition special vehicle of which only 499 units will be produced. Since its launch, Ferrari said the LaFerrari has earned worldwide critical acclaim from clients and media alike, in part because it is the most powerful Ferrari ever produced and also because it’s the first hybrid vehicle from the brand.

This award for the LaFerrari follows last year’s Ferrari awards, with the F12Berlinetta taking Best Coupé and the 458 Spider Best Cabrio.

Also known under code name F150, the LaFerrari is powered by a hybrid powertrain producing a total of 963 horsepower incorporating a more evolved version of the Kinetic Energy Recovery System (KERS) found on the brands’ F1 race cars.