Despite car sales figures contracting by 8.2 percent in Europe last year, the big car manufacturers didn't miss a chance to flaunt their muscles by showcasing the latest roll-outs from their stables at the Geneva Motor Show 2013.

The Geneva Motor Show 2013, which is being held between 7 March and 17 March, witnessed a bevy of beautiful models from car manufacturers across the world, including Lamborghini, Ferrari, McLaren and Rolls Royce to name a few.

Lamborghini came out with what it is calling a street-legal supercar named Veneno. The model will be priced at £2.6m plus taxes per model, of which only three will available in the market. There is bad news for people who want to get a hand on one of the three cars: all three have been pre-sold.

Lamborghini unveiled the 750 horsepower car to celebrate their 50th anniversary. The car can go from zero to 62mph in 2.8 seconds and has a top speed of 220mph.

However, the real highlight of the first day at the motor show was the showdown between McLaren and Ferrari; Ferrari introduced their keenly-anticipated Enzo hypercar successor, LaFerrari, while McLaren matched it with their version of supercar P1.

Ferrari announced their 950bhp 6.2l V12 La Ferrari would cost around £1m. Interestingly, both Ferrari and McLaren came out with similar specs on the car and both have similar technology onboard. It isn't surprising considering both automakers used Formula 1 as a reference point to make their new models.

Rolls Royce, too, didn't shy away from the glamour, unveiling the Rolls Royce Wraith. The car, which will launch at the end of the year, will have a V12 engine and faster acceleration. The European price for the latest edition is estimated to be around £225,000 and this is tipped to be the showstealer of the Geneva Motor Show 2013.

Fiat offered a more sombre tone to the event, saying they had no cars lined up for this year's event. The company's chairman spoke about austerity, saying: "The capacity demand issue in Europe is a difficult thing. We've been running underutilised in our Italian plants for some time. Some competitors have been courageous enough in closing capacity and we closed a plant in Sicily two years ago. It's difficult to say, is it enough, as we don't know what the demand will be."

READ: Geneva Motor Show 2013: Ferrari, McLaren and Porsche Battle for Supercar Supremacy [VIDEO]

The new LaFerrari hybrid car is pictured on the Ferrari stand during the first media day of the 83rd Geneva Car ShowReuters
The new LaFerrari hybrid car is pictured on the Ferrari stand during the first media day of the 83rd Geneva Car Show at the Palexpo Arena in Geneva 5 March, 2013. The Geneva Motor Show will take place from 7 to 17 March, 2013Reuters
The new Sbarro Jaclyn was showcased on press day at Geneva on 5 March. The Motor Show will be open for public from 7 March to 17 MarchThe 83rd International Motor S
McLaren P1 has been built using F1 technologyThe 83rd International Motor S
A model stands next to the Alfa Romeo 4C displayed on the company's booth during the first media day of the Geneva Auto Show at the Palexpo in Geneva.Reuters
The supermini Nissa Note will be produced in Sunderland during the summerThe 83rd International Motor S
Aston Martin's Vanquish Centenary edition to celebrate 100 years of the companyThe 83rd International Motor S
Porsche unveiled their plug-in hybrid, and has total output power of 718 horsepowersThe 83rd International Motor S
The fuel economy of Porsche 918 Spyder should be around 78 miles per gallonThe 83rd International Motor S
The BMW 3 series GT was unveiled at the Geneva Motor Show 2013The 83rd International Motor S