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)

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