Aston Martin has hardly finished with its extreme Valkyrie and it's already got to work on a follow-up model, which borrows some technology from the halo hypercar. And it bears the codename "Project 003".

The newcomer will be the third model in the Gaydon-based firm's hypercar series, following the aforementioned Valkyrie (originally dubbed Project 001) and Valkyrie AMR Pro (002). The new model will be built using a lightweight structure and feature a turbocharged petrol and electric hybrid powertrain, complemented by active aerodynamics and active suspension. Aston Martin says Project 003 will be developed with both road and track use in mind.

That said, expect the latest model to be more road-biased (and thus more practical) than the Valkyrie, with the designers including some luggage space. The hypercar will also be fully homologated globally in both left- and right-hand-drive form. Just 500 coupés will be built, with the first examples scheduled to be delivered late in 2021.

"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,” said Aston Martin Lagonda president and group chief executive, Andy Palmer.