Aston Martin delays EV rollout
BANGALORE: Aston Martin yesterday pushed back plans to launch the British luxury carmaker’s first battery electric vehicle by a year.
The London-listed company said it now expects to launch the battery electric car in 2026, from earlier plans to launch next year.
Last June, the British firm signed a supply agreement with Saudi Arabiabacked Lucid Group to bolster its electrification strategy.
“With Aston Martin’s technical partnerships now in place, the company’s first battery electric vehicle is now targeted for launch in 2026, benefitting from the very best high-performance technologies available,” the company said.
Mercedes-Benz earlier this month delayed its electrification goal by five years and assured investors it would keep sprucing up its petrol engine models.
While automakers and suppliers are betting on future demand for electric vehicles, investment in capacity and technology development has outpaced actual EV demand, prompting carmakers to readjust production plans.
Aston Martin had committed £2 billion ($2.53 billion) to advanced technologies over the next five years, with its investment phasing from petrol engine to EV technology.
Aston Martin’s annual losses more than halved in 2023, coming in smaller than market expectations, after selling prices reached record levels as the British luxury carmaker delivered its Valkyrie models and other special edition cars.
Fictional secret agent James Bond’s car brand of choice, Aston Martin has had a tough time since its market debut in 2018.
However, t op shareholder and Executive Chairman Lawrence Stroll has been trying to bolster its cash and margins by rolling out next-generation sports cars — the latest of which was the new Vantage sports car model unveiled this month.
Aston Martin kept its near- and medium-term forecasts unchanged.
“While recognising the ongoing geopolitical and macroeconomic volatility and associated inflationary and supply chain uncertainties, our world-class teams continue to collaborate with our partners, seeking to minimise potential impacts on our operations,” the company said in a statement.
Aston Martin reported an adjusted pretax loss of £171.8 million ($217.36 million) for 2023, compared with £451 million a year earlier. Analysts, on average, had expected an adjusted pre-tax loss of £209 million, according to a company-compiled consensus.