The car was made public to commemorate the production of its four-billionth "vehicle", at the 105th American International Toy Fair in New York, which is also the most expensive model the company ever made. Valued at a whopping 140,000 dollars- a figure that would normally buy six family cars - the model is cast in 18-karat white gold and covered in blue, white and black diamonds. The car also has rubies set into its taillights and even the car's case comes with 40 white diamonds.
The car has been designed by celebrity jeweller Jason of Beverly Hills.
"Since its introduction, Hot Wheels has revolutionized boys' toys and inspired automotive trends," the Telegraph quoted Tim Kilpin, general manager and senior vice president, Boys and Entertainment, Mattel Brands, as saying.
"The historic activities we have planned are a fitting tribute to the brand's heritage and will allow us, and our fans, to celebrate this milestone year in true Hot Wheels style," he added.