According to Aston Martin’s Chairman, Lawrence Stroll, the car manufacturer will start producing an all-electric sports car and a sports utility vehicle(SUV) in 2025. Talking to the Financial Times magazine, the Canadian billionaire revealed the company would make the two models in the UK.
The sports car will be designed and assembled in the automaker’s factory in Gaydon, England, while the electric SUV will be produced at the St. Athan plant in Wales.
Most UK car manufacturers have made pledges to stop internal combustion engine vehicles’ production in the next ten to fifteen years. Though Aston is eyeing battery-powered vehicle production, it will continue to manufacture traditional gasoline and diesel-powered vehicles.
Stroll also revealed that the carmaker would integrate electric technology into the traditional machines to curb carbon emissions. The company is working towards a mild-hybrid version of the DBX SUV, which will be launched before the year ends. Similarly, a plug-in hybrid DBX is due for launch by 2023.
2020 was a tough year financially for Aston Martin. In January last year, the company announced it was fundraising for approximately £500million. Stroll came to its rescue by injecting £182 million into the fund drive. Stroll took over as the chairman of the firm. He also led the company to rejoin Formula 1 through its subsidiary, the Racing Point.
According to Bloomberg, Stroll owns 22 percent of Aston Martin. The company will source their batteries from Daimler, manufacturer of the Mercedes luxury car. Daimler owns a twenty percent stake in Aston Martin.
Aston Martin has had its share of financial troubles, having filed for bankruptcy seven times since its inception. It has also had a string of executives and owners. In 2020, former Mercedes employee Tobias Moers joined the company as the chief executive officer, replacing Andy Palmer, who stepped down after a six-year leadership.
The company had plans to launch its first electric vehicle, Rapide E, named after the Lagonda Rapide, which is now part of Aston Martin. However, the company halted the production in 2020. After Stroll rescued the British carmaker, the Rapide E plans were deemed too expensive and thrown out of the bus.
Despite the UK’s economic anxiety after exiting from the European Union (Brexit), car manufacturers are laying out big plans to electrify the country’s transport system. Netherlands-born automobile company, Stellantis, is in talks with the UK government to allow the production of battery-powered vehicles at Ellesmere Port factory, England.
The increased production of EVs comes when the UK’s deadline for selling ICE vehicles is 2030. Jaguar luxury carmaker plans to ditch ICEs by 2025, while Bentley is scrapping the non-electric versions by 2030. Similarly, Ford and Volvo will no longer sell gasoline and diesel vehicles after 2030.