The British car, called the Bloodhound, will attempt to set the record on a dry lake bed in South Africa's Northern Cape late next year, the BBC reported Monday.
Following a design period of three years, construction of the car, powered by a Eurofighter-Typhoon jet engine paired with a hybrid rocket, is expected to be completed in time to start low-speed trials in the United Kingdom in the first half of 2012.
"It's a fantastic feeling to be handing over the drawings to the people who will now build the car," chief engineer Mark Chapman said. "It's a 'progressive definition release' which means as soon as we finish a design, it goes out the door. The first metal parts should start coming back to our design house in Bristol by Easter."
If it reaches 1,000 mph, Bloodhound will surpass the world land speed record of 763 mph set by the Thrust SuperSonic Car in 1997.
Bloodhound will be driven by Royal Air Force Wing Commander Andy Green, who also drove the Thrust car.