By Yadarisa Shabong

(Reuters) - Aston Martin announced the debut of its new limited edition sportscar Valiant on Wednesday and said deliveries would start in the fourth quarter, as the British carmaker aims to revive falling sales and become cash flow positive.

The company will produce only 38 units of the Valiant, a vehicle designed by the Aston Martin team alongside Formula One driver and two-time world champion Fernando Alonso.

The retail price of the Valiant is about 2 million pounds ($2.54 million), excluding tax in the UK, a source close to the company told Reuters.

All the units have been pre-sold, according to the company.

Aston Martin has stopped manufacturing old models ahead of the ramp-up in production of fresh models that are expected to drive revenue and profit growth at the loss-making firm starting from the second half.

Over the past few years, Chairman and top shareholder Lawrence Stroll has revamped the British brand's lineup of sportscars with new models and embarked on several recapitalisations, including a rights issue that made Saudi Arabia's sovereign wealth fund a major shareholder in 2022.

Valiant joins the ranks of Valkyrie, which starts at a price of 2 million pounds, Vantage and upcoming mid-engine supercar Valhalla as collectible specials. The company did not disclose the price that Valiant would retail at.

The second half of 2024 will be a real test for the company and its ability to increase production after having hit certain bumps in the past.

It faced production issues for the DB12 in November as well as delays in shipments and elevated costs of delivering the limited-edition Valkyrie over the past couple of years.

Alonso is one of Aston Martin Aramco Formula One Team's drivers, alongside Stroll's son, Lance. Aston Martin Racing and Aston Martin Lagonda are distinct entities.

($1 = 0.7889 pounds)

(Reporting by Yadarisa Shabong in Bengaluru; Editing by Devika Syamnath)