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SPEEDWAY, Ind. — The NTT IndyCar Series announced over a year ago that the series would be moving to a new engine formula by 2023.

The engine formula, being developed by both Honda and Chevrolet, consists of a 2.4-liter V6 twin-turbocharged engine with hybrid technology. It would be similar to what you already see on a standard Formula One car.

But, IndyCar president of Competition Jay Frye said this week that the rollout of this new engine formula, planned for 2023, will be pushed back a year to 2024.

“We are pleased with the pace of the technical development of the 2.4-liter, twin-turbocharged V-6 hybrid as we prepare it for competition,” said Frye. “Thanks to our great partners at Honda and Chevrolet for working through this challenging supply chain situation.”

The new engine is expected to generate as much as 900 horsepower between the raw engine power and the hybrid technology.

The first on-track test of the hybrid tech will be held at Sebring International Raceway on Mar. 30 and Mar. 31.