Hyundai might stand by its position that the Veloster-based RM series mid-engine sports car is merely a technological test bed for trying-out performance-enhancing technologies.
But the latest version, the RM16 N, that appeared at this year's Busan motor show encourages speculation it might be something a little more.
Spy photographers describe the test car spotted briefly circulating a rain-soaked Nurburgring as a "production model", and say that the car is a product of Hyundai's newly-formed N performance division.
Powered by a 220kW version of the turbocharged 2.0-litre Theta GDI four-cylinder engine that drives the rear wheels via a six-speed manual gearbox, the wild Hyundai is clothed in a Veloster body. Not just any Veloster body, however. This one is fitted with carbon-fibre panels that dramatically extend the wheel arches while adding air-gulping side scoops, a new front end and a toughened-up rear end with a sizable built-in roof spoiler.
Word is that the RM16 N uses an electrically-assisted turbocharger system, as well as an electronic limited-slip differential to flatten-out the torque curve.
Given the ongoing development of the RM series, and the persistence with which Hyundai has exposed upgraded versions over the last two years, it is easy to imagine it finding a place on the production line, whether it be for road-going applications, or simply as a race car.
Or, maybe, in a case of rampant imaginative enthusiasm, with an entirely different body making it a Korean version of a mid-engined supercar.
This is one project that invites ongoing speculation.