- Aston Martin delays first electric car to 2026, citing slow consumer adoption and financial challenges.
- Falling short of 2023 delivery targets, production difficulties for DB12 contribute to the decision.
- To bridge the transition, Aston Martin plans plug-in hybrids, with Valhalla featuring electrified V8 from Mercedes-AMG.
Aston Martin delays electric car in favour of plug-in hybrid models, citing lack of demand for the postponement
Aston Martin is pushing back the launch of its first electric car from 2025 to 2026 due to concerns over consumer demand. Lawrence Stroll, the company’s chairman, revealed that initial plans for a high-riding, four-wheel-drive electric GT have been delayed.
The luxury carmaker entered into a deal with Lucid, a US luxury EV maker backed by Saudi investors, with Lucid acquiring a 3.7% stake in Aston. The delay comes amidst financial challenges, as Aston Martin reported 6,620 deliveries in 2023. This falls short of the revised target of 6,700 and the original goal of 7,000. Aston Martin cites production difficulties for the DB12 sports model.
Although Aston Martin has designed four EVs, Stroll remains tight-lipped about whether they’ll directly replace the current lineup. That includes three front-engined sports cars and the DBX SUV. Stroll attributes the delay to a slower-than-anticipated adoption rate, stating, “Consumer demand is not at the pace that analysts and politicians thought.”
To bridge the transition from internal combustion engines to a fully electric lineup, Aston Martin is incorporating plug-in hybrid powertrains. The Valhalla supercar, set to launch later this year, will feature an electrified V8 arrangement supplied by Mercedes-AMG.
Lawrence Stroll continues:
“What we are feeling is that there are people who still want some electrification to drive around in the city for five, 10 or 15 miles on electric power but still have the sports car smell, feel and noise when you get out onto the autoroute.
That’s why we think hybrid [technology] is going to have a very long life, particularly for a company like us: it’s about delivering thrills and excitement to the driving experience.”
The planned electric vehicles will boast a combined output of up to 1500bhp. They will utilise Lucid cells and modules arranged into a battery pack of Aston Martin’s design. The adaptable architecture accommodates both ground-hugging sports cars and higher-slung SUVs. The first electric car will sit between the footprint of a Porsche Taycan and a loftier SUV silhouette.
Ineos Automotive CEO Lynn Calder, states:
“We were swayed by the turn of the tide and buyers voting with their feet. We recognise not all buyers want EVs; there’s a use case for them for sure, but we wouldn’t be surprised if it ended up at 25-20% [of the market], rather than 100%.”
Financially, the company reported a narrowed pre-tax loss of £239.8 million in 2023, an improvement from the £495 million loss in 2022. Stroll anticipates progress in the second half of 2024, driven by the launch of new sports cars, including the recently unveiled Vantage, and continued focus on special programs.
The announcement sheds light on the challenges faced by Aston Martin as it navigates the competitive luxury car market. Iconic manufacturers such as Porsche and Mercedes are making headway in the EV scene. Will Aston Martin’s delay push the iconic company out of touch with the wider market?
