Since penetrating an engine compartment side to side would require somthing like 10+ separate layers of metal and plastic, I seriously doubt that anything in the .30" class will do it.
The bullet could penetrate a small 4 cylinder side to side easily if there were no layers before it, but the different layers would very much act like a Chobham armour and defeat the bullet.
Would it disable the car? Almost certainly. But I doubt that you could enter the side of a modern engine compartment and penetrate all of the discrete layers and get an exit from the block.
You mention M2 bullet: do you mean a black-tip slug, or the 150 grain lead core of the 30-06 M2 ammunition? You say AP, so BT it must be. Upping the velocity is not going to significantly increase the stability; it will tumble before completing the journey.