Aston Martin delays launch of its first battery EV by a year


FILE PHOTO: The Aston Martin logo is seen on a V12 Vantage car at the company’s factory in Gaydon, Britain, March 16, 2022. Picture taken March 16, 2022. REUTERS/Phil Noble/File Photo

(Reuters) - Aston Martin on Wednesday 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 Arabia-backed Lucid Group to bolster its electrification strategy.

"With Aston Martin's technical partnerships now in place, the Company's first battery electric vehicle (BEV) 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 combustion 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 pounds ($2.53 billion) to advanced technologies over the next five years, with its investment phasing from internal combustion engine (ICE) to BEV technology.

($1 = 0.7907 pounds)

(Reporting by Yadarisa Shabong in Bengaluru; Editing by Eileen Soreng)

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

   

Next In Tech News

Binance working closely with Nigeria authorities to resolve exec's detention, CEO says
Critics of India's Modi migrate online as mainstream media stays deferential
3,000-member revenge porn group had underage victims, US officials say. Creator arrested
Huawei unveils new phone lineup to ramp up the pressure on Apple
Binance obtains Dubai licence to target retail clients
Parents find camera disguised as phone charger in girl’s room, US cops say. Man charged
What to do if your personal info has been exposed in a data breach
AI-generated child pornography is circulating. This US prosecutor wants to make it illegal.
Study links excessive Internet use to teen school absence risk
Apple plans to invest more than $250 million to expand Singapore campus

Others Also Read