Aston Martin Delays First EV Due To Weak Demand

Aston Martin has announced that its first battery-electric vehicle will be delayed to 2026 — a year later than was originally planned. Executive Chairman Lawrence Stroll disclosed the information during the presentation of its fiscal year 2023 results.

«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,» Stroll said.

At its capital markets day last year, Aston Martin disclosed that its first battery electric vehicle would be introduced in 2025 — an SUV with four electric motors (one on each wheel). A test mule was supposedly running this year.

With this latest development, Stroll commented that customers prefer plug-in hybrids to full EVs. The customers «want some electrification… but to still have the sports car smell and feel and noise,» said AM's head honcho.

Aston Martin's first plug-in hybrid supercar, the Valhalla, is set to enter production this year. Given the shift in demand for Aston Martin customers, it's expected that more PHEV models will be introduced.

Aston Martin isn't the first automaker to lighten its approach to electrification this year. GM started the year with the same announcement, followed by Jaguar Land Rover, offering the same observation of waning demand for EVs. Mercedes-Benz was the latest to announce a similar move. All three companies will shift their focus to hybrids instead of full-battery EVs.

In its 2023 fiscal year report, Aston Martin reiterated its partnership with the Lucid Group, particularly the EV startup's involvement in the British marque's high-performance electrification strategy. In fact, Lucid will also be working on Aston Martin's plan to introduce more PHEVs, with a mix of powertrains to be introduced between 2025 and 2030.

«This long-term relationship will help propel Aston Martin's high-performance electrification strategy, as the Company develops alternatives to the Internal Combustion Engine with a blended drivetrain approach between 2025 and 2030, including PHEV and BEV, with a clear plan to have a line-up of electric sports cars and SUVs. With Aston Martin's technical partnerships now in place, the Company's first battery