Aston Martin to battle rivals with electric SUV, sports car by 2025: Report1 min read . Updated: 09 Mar 2021, 01:15 PM IST
Aston Martin is increasingly looking at having a bigger say in the EV market.
Aston Martin reportedly plans to drive in an electric SUV and an electric sports car in the coming years to make the most from the growing charge of battery-powered vehicles even in the luxury and performance segments. The company's top boss recently confirmed this during an interview, adding that both EVs will hit production lines by 2025.
Speaking to Financial Times, Aston Martin’s chairman Lawrence Stroll outlined how battery-powered SUV will be manufactured at the company's facility in Wales, the same site which currently ships out DBX models. The electric sports car though would be made in Gaydon. Both cars are expected to make use of technology sourced from Mercedes. Mercedes currently has a 20% stake in Aston Martin.
It is an ambitious plan because Aston Martin doesn't have a dedicated EV platform of its own. Neither is there an electric drivetrain. This is where a partnership with Mercedes could prove to be absolutely crucial. Stroll himself has admitted that this partnership has meant that Aston Martin isn't floundering in the unknown.
Times though are tough in the present.
Aston Martin has been struggling to attract investment after Brexit. Stroll, who led a 535 million-pound ($740 million) rescue of the company in 2020, holds a 22% stake, as per Bloomberg data. He now wants to return to profitability, something that hasn't happened since Aston Martin went public in 2018. The forecast is for around 6,000 sales to dealers this year as new management turns around its performance. This may be a key shot in the arm after a stormy 2020 where sales nosedived owing to pandemic-related fa