Matt Urch runs his own shop called Urchfab which specializes in custom fabrication and engine installs. To gather attention for the company Matt decided to build something that would stand out at the track. The result was a custom hot rod built on a tiny budget out of a 1953 Ford Popular and parts sourced from a junkyard or custom made. The body sits on a custom tube chassis with a full roll cage. It is powered by a Saab turbocharged B204 inline-four sourced from a Saab 9-3 convertible. The power then travels through an Omega R25/28 transmission and out a Volvo 240 rear end. The engine is probably making north of 250 horsepower which as you can see below is more than enough for such a light vehicle.
Source: Urchfab FB page and Driftworks (build thread) via Jalopnik