Last September, Aston Martin announced that a third mid-engined hypercar is entering production to slot below the extraordinary Valkyrie and Valkyrie AMR Pro being built in collaboration with Red Bull. Now, the British automaker has given us a first look at its new McLaren Speedtail rival.

Previewed in a shadowy teaser image, Aston Martin's new mid-engined hypercar appears to adopt slim taillights, a small rear wing, and an aerodynamic shape inspired by its larger Valkyrie sibling. The car has previously been described as the "son of Valkyrie."

We still don't know the name of Aston Martin's new mid-engined hypercar, however, which is currently simply known as "Project 003," although trademark filings suggest the final production car could be called the Valhalla.

Details about the Project 003 are still scarce, as Aston Martin hasn't revealed any new information about the hypercar. So far, we know the Project 003 will be built around a lightweight structure and powered by a turbocharged gasoline-electric hybrid engine.

Active aerodynamics will provide "outstanding levels of downforce in a road-legal car," while active suspension systems will provide "next-level precision." Compared to the Valkyrie, the Project 003 is designed to be practical for the road and will offer more luggage space, allowing it to potentially compete with the McLaren Speedtail.

"It was always the intention for the Aston Martin Valkyrie to be a once-in-a lifetime project," said Aston Martin CEO Andy Palmer. "However, it was also vital to us that Valkyrie would create a legacy: a direct descendant that would also set new standards within its own area of the hypercar market, creating a bloodline of highly specialized, 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."

Production of the Project 003 will be limited to 500 coupe examples worldwide, with customer deliveries starting in late 2021.