Aston Martin to start building electric cars in UK from 2025: Report
Aston Martin plans to start manufacturing its new electric cars in the UK from 2025, the biggest shareholder of the company told the Financial Times in an interview.
The company's chairman Lawrence Stroll also said that its electric sports cars and sport utility vehicles will be manufactured at plants in England and Wales respectively. Stroll, who led a 535 million-pound ($740 million) rescue of the company in 2020, holds a 22% stake, as per Bloomberg data.
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Though Aston Martin is open to all options, its electric vehicles could be powered by batteries provided by Daimler AG’s Mercedes-Benz.
The British carmaker's announcement to build EVs in the UK comes at a time when the country is struggling to attract investment after Brexit. The new trade system does guarantee tariff-free trade for the nation with the European Union but all the additional paperwork and complicated laws on the origin of components have created quite a mess with exporters.
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Investment in the UK also makes sense as the country has taken a lead in its policies around electric vehicles and plans to ban the sale of vehicles that run on petrol and diesel by 2030.
Apart from that, the company's chairman aims to make it turn profitable which it hasn't since it went public in 2018. Stroll has set targets for the company to make 500 million pounds on 2 billion pounds of revenue by 2025. In other developments, he has also returned the company to Formula 1 racing.
Further, Aston Martin expects to almost double sales and move back towards profitability this year after sinking deeper into the red in 2020, when the luxury carmaker was hit by the pandemic, changed its boss and was forced to raise cash. It has kept a forecast for around 6,000 sales to dealers this year as new management turns around its performance.