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This is done regularly in "SuperCup" beetles.
I've found a few web pages here and there (mostly all european as that is were they race them)[http://www.flashelectronique.be/Vwcup/ for one].
200Hp is the norm and a supercup beetle has outperformed a late 80's 911 RS in all measurements except top speed because of the
lack of stability from crappy aerodynamics.
You can't beat the extreme low weight of the Beetle with that kind of traction and power.
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