Actually Elio did show their new engine the weekend they were in NY. The one designed by IAV. It was not in the car, it was displayed on the side.
See a photo in this thread
engine
On a related note, I sure hope there is an actual manual transmission available, hopefully a six speed with 5th and 6th being overdrive gears. A tiptronic computer controlled manual tranny - I don't think that would support EOC the way a regular standard trans does.