Looks like CDPR is moving away from their proprietary Red engine, as it has just been announced that their next-gen Witcher game will be made in Unreal Engine 5 with help from Epic themselves.
However, for those who might be worried, this does not mean that the game will be exclusive to the Epic Games Store on the PC, as CDPR has confirmed that it will be available through multiple storefronts.
Ultimately I think it’s a good choice, as this will not only give them a robust engine that has some of the best features/fixes available but also let them hire a wide range of talent that uses Unreal, as it’s one of the most popular engines with students, universities and new devs.

Nothing else was revealed about the upcoming game, and it might be because it’s extremely early in development and has yet to finalise its setting, characters and direction. Let’s hope they fare better this time compared to Cyberpunk.