After quashing rumors earlier this month that Aston Martin's Valkyrie project may be in trouble, and confirming that the hypercar is on track for the start of deliveries in mid-2021, new CEO Tobias Moers has now given an update on the company's second hypercar project, the Valhalla.

Unveiled as a concept at the 2019 Geneva International Motor Show, when it was still going by its AM-RB 003 code name, the Valhalla is a more attainable hypercar to be built in higher volumes than the Valkyrie. Aston Martin previously said 500 will be built and that deliveries would start in 2022.

That date has since been pushed back to the second half of 2023,Moers said during a presentation Thursday to investors outlining Aston Martin's 2020 financial results. The reason for the delay? Moers said his team is “reassessing” the design, including the powertrain. He said a revised concept would be shown to potential buyers within the next four months.

The Valhalla was meant to be the first model to use a new V-6 engine developed in-house at Aston Martin, as part of a hybrid powertrain. However, Moers in a November interview hinted that the car may end up using an engine sourced from Mercedes-Benz instead.

Aston Martin Valhalla

Aston Martin Valhalla

Mercedes owns 20% of Aston Martin and already supplies the automaker with V-8 engines built by Mercedes-Benz AMG, the performance skunkworks which Moers was previously in charge of. Mercedes in 2021 is also supplying Formula One power units to the new Aston Martin F1 team, so the two companies are already deeply tied.

During the investor presentation, Moers also confirmed that Aston Martin is working on its first plug-in hybrid vehicles and that a plug-in hybrid version of the DBX will be launched in 2024. It will trail two additional versions of the DBX due in 2021 and 2022. The plug-in hybrid powertrain for the DBX is likely to be the same V-8 and single electric motor combo set to debut shortly in an electrified version of AMG's GT 4-Door Coupe. Peak output will likely be around 700 hp.

An electric Aston Martin is also coming, though not until 2025, Moers has previously confirmed.

As for Aston Martin's financial situation, the automaker reported an operating loss of 323 million British pounds (approximately $457 million) for 2020 and deliveries of 4,150 vehicles, down about 32% on the previous year. The automaker expects to increase deliveries to around 6,000 units this year, thanks mostly to the DBX SUV.