After promising what would be the “world’s most exciting and desirable” electric vehicle, luxury carmaker Aston Martin says it is delaying plans to launch its first BEV for a year due to what it sees as “weak customer demand. “You’ll have to wait.
The British automaker claims it will launch its first battery-electric sports cars in 2026, a year later than planned, reports Automotive News Europe.
Last June, Aston Martin announced that it would launch 4 new all-electric cars in 4 years, starting in 2025, and that it would rely on Lucid’s generation of EVs to make that happen. Aston Martin said it is working to build “the world’s maximum”. “Electric cars with exciting, sought-after functionality,” along with Lucid’s proprietary EV powertrain generation, adding its high-functionality dual-motor unit, battery generation, and Wunderbox charging formula (adding those used on the EPA-East’s 516-mile tour). . Lucid Air Gran Turismo). The partnership with Lucid is estimated to be worth more than $450 million.
But times have changed, the company said, and now it’s changing course or, more accurately, taking an urgent pause.
“Consumer demand (for BEVs), at Aston Martin’s price level, is not what we thought it would be two years ago,” Chief Executive Lawrence Stroll said today, as the company reported its 2023 results.
According to him, there is “a much more motivated demand” for plug-in hybrid vehicles, especially for a logo like Aston Martin. He added that consumers “want some electrification. . . But they still have the smell, feel and sound of a sports car. “
According to the report, Stroll is also not worried about BYD’s tough festival, saying that he is “pleased with the battery generation and platforms that the company has. “
Aston Martin has already spent £2 billion ($2. 53 billion) to promote new technologies in the coming years and transfer from ICE technology to BEVs. The company added that it plans to invest £350 million in new product development by 2024.
Mercedes-Benz is also delaying its goal of promoting electric cars by five years, telling investors it plans to invest more in ICE.
Looking at the earnings report, Aston Martin’s adjusted earnings before interest, taxes, depreciation and amortization rose 58% to £174. 8 million in the fourth quarter, reports Automotive News Europe. A £33 million payout to Lucid Group also weighed on cash flow that ended the quarter, with the company reporting an operating loss of £111 million for the year.
Production of its new DB12 sports car, valued at a quarter of a million dollars, got off to a slower-than-expected start due to origin failures and infotainment systems failures, but is now proceeding full steam ahead. By the end of March, the company says it expects the new car’s order book to be complete for the rest of the year, and Aston Martin’s first hybrid supercar, Valhalla, is poised to go into production this year.
Well, that begs the question: will the next James Bond drive that electric Aston Martin we’ve been dreaming of?
Jennifer is an editor at Electrek. Based in France, she worked in the past at Wired, Fast Company, and Agence France-Presse. Send them comments, suggestions, or recommendations via X (@JMossalgue) or jennifer@9to5mac. com.