@jakksincorpse
I have a feeling that the idea of a 350hp motor seems to be implying that it is delivering that amount of power all the time. At low speeds, that power will be overcoming friction forces and provide a lot of acceleration too. Only at maximum speed is the 350hp just keeping you moving.
http://www.atmosphere.mpg.de/enid/Information_ss/Velocity___air_drag_507.html
If you look at the graph here of resistive forces vs speed then work out the power needed at a few of different speeds you can see that (in this example),
1. to go at a steady 40km/hr you need 1.6kW
2. to go at a steady 80 km/hr you need 7.8kW
3. to go at a steady 120km/hr you need 23kW
The power goes up steeply because you are multiplying an increasing speed by a steeply increasing force.
Sorry it's in SI units but they are the only way to go, really. (Think 760W/hp and 1km = 5/8miles)
If your engine could provide just 23kW (a tiddler, compared with your monster), it would have 21.4kW to spare for acceleration at 40 km/hr - that would give an available thrust of about 2000N. At 120km/hr, it's go no more thrust left for acceleration.
That's some basics. Can you see that in the context of your confusion about power and speed etc.?