Aston Martin’s electric-car plans fall victim to Stroll rescue

Aston Martin Lagonda Global Holdings Plc’s 500-million-pound ($656 million) cash lifeline from Canadian billionaire Lawrence Stroll has a major casualty -- the company’s push into electric cars.

FILE PHOTO: Aston Martin Lagonda cars are seen parked outside the new factory at St Athan, Wales, Britain December 6, 2019. REUTERS/Rebecca Naden (REUTERS)
FILE PHOTO: Aston Martin Lagonda cars are seen parked outside the new factory at St Athan, Wales, Britain December 6, 2019. REUTERS/Rebecca Naden

The launch of the all-electric Lagonda marque, due in 2022, has been stalled for three years, Aston said Friday, while development of the Rapide E, the main brand’s first electric model, is under review despite being almost complete.

The rethink on electrification, a costly technology previously deemed vital to Aston Martin’s future, will see the company switch focus to providing more hybrid autos. It’s part of a “reset plan" that will also see unspecified job cuts and a restructuring of sales and marketing operations.

Also check these Cars

Find more Cars
Aston Martin Db11 (HT Auto photo)
₹3.29 Cr**Ex-showroom price
Add to compare
Check latest offers
Aston Martin Vantage (HT Auto photo)
₹2.95 Cr**Ex-showroom price
Add to compare
Check latest offers
Lexus Lx (HT Auto photo)
₹2.82 Cr**Ex-showroom price
Add to compare
Check latest offers
Ferrari Purosanguesuv (HT Auto photo)
UPCOMING
₹3 - 3.35 Cr* *Expected Price
View Details
Lamborghini Huracan Evo (HT Auto photo)
₹3.22 - 3.73 Cr**Ex-showroom price
Add to compare
Check latest offers

While the changes mark a setback for Chief Executive Officer Andy Palmer’s ambitious expansion strategy, the upcoming DBX model appears to have survived the cull. Aston Martin’s first sport-utility vehicle is at the center of efforts to lift sales, with deliveries to customers due to start later this year.

The sports and luxury specialist said it’s also focused on rebalancing supply with demand to bolster pricing. The stock had its biggest gain since a 2018 IPO on news of the rescue, though it’s still down almost 75% since the listing.

First Published Date: 03 Feb 2020, 09:19 AM IST
Recommended for you
View all
NEXT ARTICLE BEGINS
Shopping Bag Shop Now
55% OFF
SOFTSPUN Microfiber Cloth - 4 pcs - 40x40 cms - 340 GSM Grey- Thick Lint & Streak-Free Multipurpose Cloths - Automotive Microfibre Towels for Car Bike Cleaning Polishing Washing & Detailing…
Rs. 269 Rs. 604
21% OFF
Involve Your Senses One Musk Organic Car Perfume, Involve Your Senses Strong Fiber Air Freshener to Freshen'up Your Car - IONE01-40 g,Car Accessories interior car perfumes and fresheners
Rs. 315 Rs. 399
73% OFF
pTron Bullet Pro 36W PD Quick Charger, 3 Port Fast Car Charger Adapter - Compatible with All Smartphones & Tablets (Black)
Rs. 349 Rs. 1,299
13% OFF
Jopasu Car Duster
Rs. 754 Rs. 869

Please provide your details to get Personalized Offers on

Choose city
+91 | Choose city
Choose city
Choose city
By clicking "View Offers" you Agree to our Terms and Privacy Policy

Dear Name

Please verify your mobile number.

+91 | Choose city