Aston Martin has delayed the rollout of its first electric car until 2026 as demand for EVs slows down and people remain keen to keep their petrol and diesel cars.
The luxury car brand had been on track to release its first electric vehicle in 2025, but after signing a new agreement with an EV production company, it has pushed the launch back.
Last year the brand struck a deal with Saudi-backed US luxury EV maker Lucid which saw the brand take a 3.7 per cent stake in as part of the deal.
Aston revealed the delay to its first EV in annual results that also showed it failed to match recently cut production targets for 2023.
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The group reported 6,620 deliveries of cars to dealers last year
ASTON MARTIN
The group reported 6,620 deliveries of cars to dealers last year, below the 6,700 target that was revised down in November due to problems ramping up production for its new DB12 sports model.
It had originally been eyeing a production goal of 7,000.
In the latest financial update, the company said: “As the Company develops alternatives to the Internal Combustion Engine with a blended drivetrain approach between 2025 and 2030, including PHEV and BEV, with a clear plan to have a line-up of electric sports cars and SUVs.
“With Aston Martin's technical partnerships now in place, the Company's first battery electric vehicle now targeted for launch in 2026, benefitting from the very best high-performance technologies available.”
Despite the delay, the group still insisted it was on track to achieve its financial targets for 2024 thanks to the launch of two new next-generation sports cars.
The company said it expects to invest £2billion in the four-year period before 2027 towards growth and transition to electrification in its car models.
Aston Martin revealed its in the process of developing alternatives to the internal combustion engine with a blended drivetrain approach between 2025 and 2030, including hybrid vehicles and EVs with a clear plan to have a line-up of electric sports cars and SUVs.
Group executive chairman Lawrence Stroll, added: “Looking ahead to 2024, I’m excited by the future development of our product portfolio with the completion of our line-up of next generation, front-engine sports cars, including the recently unveiled Vantage, and the continuation of our specials programmes.
"What we are feeling is there are people that still want some electrification to drive around the city for five, or 10, or 15 miles but still have the sports car smell and feel and noise when you get onto the auto routes," the Telegraph reported.
The first hybrid car, Valhalla, is reportedly on course to enter production in 2024, with the aim for it to be ready in 2026.
Amedeo Felisa, CEO at Aston Martin, commented: “The momentum and experience our teams have amassed in 2023 to develop and deliver our ambitious plans is carried into 2024.
“Along with further investment in people and facilities, and a relentless focus on quality and continuous improvement, will support successful future model launches and our growth ambitions.
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The company expects to invest £2billion in the four-year period to 2027 towards EVs
ASTON MARTIN
“2023 was a landmark year for Aston Martin's portfolio transformation as we delivered stunning new products to market.”