Aston Martin have officially announced that they will produce a third hypercar. The project is currently under development and gets the internal code Aston Martin Project 003. Production will be limited to just 500 coupe’s and it should hit the market in late 2021.

What’s interesting about the Aston Martin Project 003 is that it promises to be a “revolutionary new mid-engined hypercar”. Aston Martin have never produced a mid-engine, sticking rigidly to the front-engine, rear wheel drive philosophy. The news coincides with the news that next month, 25 percent of Aston Martin’s stock will go on sale as part of an IPO.

The Aston Martin Project 003 will be the third hypercar to be developed internally, by Aston Martin following the Aston Martin Valkyrie and Valkyrie AMR Pro. Project 003 promises to use a lightweight structure with power from a turbocharged petrol-electric hybrid engine. Active aerodynamics, active suspension systems and practical concessions for luggage space are also being promised for both left and right and drive models.

Aston Martin Lagonda President and Group Chief Executive, Andy Palmer, said: “It was always the intention for the Aston Martin Valkyrie to be a once-in-a lifetime project, however, it was also vital to us that Valkyrie would create a legacy: a direct descendent that would also set new standards within its own area of the hypercar market, creating a bloodline of highly specialised, limited production machines that can exist in parallel with Aston Martin’s series production models. I’m thrilled to announce that this car is the Project ‘003’, and our next step into a dynamic and exacting arena.”

As you would expect, at this early stage, information is scarce. Aston Martin are continuing to develop the Valkyrie at this point in time and we are unlikely to hear much more until that project begins the deliveries stage. The news of Aston Martin’s mid-engine hypercar has likely been choreographed to boost the IPO which takes place at a difficult time for the UK economy.

Project 003 isn’t the only mid-engine model that Aston Martin have under development. If rumours are to be believed, the British company are set to launch a Ferrari 488 GTB rival some time after 2021. While Project 003 will tackle competition such as the McLaren Senna, the other mid-engine supercar will do battle against the McLaren 720S and the Lamborghini Huracan.