This article:
Elio Impressions by Bob Dahse
indicates it is to be based on a current Bugatti engine, but built by Elio in their plant.
Elio's drivetrain consultant IAV also works for Bugatti, as well as Ford, GM, Toyota, more.
I am strongly interested in this enclosed trike. My hope is that my Civic lasts until the Elio has gone through its first production year to get any kinks out. There's very little out there at any price that gets the mpg of an eco-modded Gen 6 Civic, especially if you don't want to get something even older. If these work out it would be an excellent option.