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NEW YORK (CNN/Money) - Seven years after its introduction, the Volkswagen New Beetle will get an updated look and a bigger engine under the hood.

The new version of the New Beetle is slated for release in September. The New Beetle, an updated version of the classic round-topped Beetle, was introduced in 1998.

The 2006 model gets an upgraded 2.5 liter, five-cylinder engine with 150 horsepower. Currently, the Beetle comes standard with a four-cylinder, 2.0-liter engine producing 115 horsepower. The new version will also have standard traction control. Traction control systems modulate engine power to prevent the wheels from losing traction under hard acceleration.

Design changes are subtle. The biggest changes are around the wheel wells and bumpers which get a more angular, modern look.

Taillights and headlights were also given some tweaks. The interior is also slightly changed. The instrument panel will now include a "cluster design," with chrome touches on the instruments and air vents. The automaker says it will release additional information on the vehicle later this summer.

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2005 VW New Beetle photos, specs and prices