Luxury automaker Aston Martin is pushing back the launch of its first battery-electric vehicle to 2026, citing lower-than-expected consumer demand for such cars at the upcoming EV’s price point. The vehicle is expected to feature technology from Lucid Group.
Last June, Aston Martin noted that it is looking to launch four all-electric vehicles. The vehicles would be using Lucid’s technology to enhance their performance. While Lucid is a relatively young carmaker, its cars like the Lucid Air Sapphire feature extremely impressive specs. The first of the Lucid-infused vehicles was initially planned to roll out in 2025, as noted in an Automotive News report.
Aston Martin Executive Chairman Lawrence Stroll noted that the delay of the company’s Lucid-infused electric car is due in part to demand. “The consumer demand (for BEVs) — certainly at an Aston Martin price point — is not what we thought it was going to be two years ago,” he said.
He also noted that there is much more driven demand for plug-in hybrid vehicles than pure EVs. As per the executive, even if Aston Martin’s customers want some electrification in their cars, they still want to “have the sports car smell and feel and noise.” Such experiences would likely be offered by the Aston Martin Valhalla, a hybrid supercar that is expected to enter production this year.
Aston Martin has allotted a substantial amount of resources for its future programs, with the company committing 2 billion pounds ($2.53 billion) to advanced technologies, including BEV solutions, over the next five years. The automaker noted that it expects to invest 350 million pounds ($441.7 million) in the development of new products this year alone.
Aston Martin’s earnings results indicated that the company’s adjusted EBITDA saw a 58% rise to 174.8 million pounds ($220.6 million) in Q4 2023. For full-year 2023, the automaker reported an operating loss of 111 million pounds ($140 million). Aston Martin also noted that its cash flow in Q4 was affected by a payment of $33 million to Lucid Group.
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