Another European car company delayed plans to launch electric cars

Aston Martin announced the delay in launching its first electric car model until 2026.

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According to Automotive News Europe, after promising `the world’s most exciting and attractive electric car`, luxury automaker Aston Martin said it is postponing plans to launch its first electric car model due to `

The British car brand said it will introduce its first pure electric sports car in 2026, a year later than originally planned.

Last June, Aston Martin announced that it would launch four new electric vehicles over four years, starting in 2025. These vehicles will rely on Lucid’s electrification technology.

Aston Martin says it is working to build `the world’s most exciting and engaging electric sports cars`, featuring Lucid’s proprietary electric drive technology, including motors, battery technology and systems.

According to American media, the joint venture between Aston Martin and Lucid is estimated to be worth more than $450 million.

Currently, the company’s big plans have been forced to change.

`Consumer demand (for electric vehicles), especially at the price of an Aston Martin, is something the company is unlikely to be able to do in the next two years,` executive chairman Lawrence Stroll said today.

The way this leader sees it, many customers are moving towards plug-in hybrid cars, especially for a brand like Aston Martin.

According to the report, Stroll is not worried about fierce competition from BYD, saying he is `satisfied with the company’s existing platform and battery technology.`

Aston Martin has spent £2 billion ($2.53 billion) to promote new technologies over the next five years and the shift from internal combustion engine vehicles to pure battery electric vehicles.

A rival of the British automaker Mercedes-Benz is delaying its goal of selling 100% electric vehicles within five years, informing investors that it intends to invest more in traditional vehicles.

Aston Martin DB12

In its 2023 financial report, Aston Martin reported a 58% increase in profits before interest, tax, depreciation and net profit loss to £174.8 million in the fourth quarter, Automotive News Europe reports.

Production of the company’s new multi-billion dollar DB12 sports car has started slower than expected, due to supply issues and problems with the entertainment system, but everything is currently going smoothly.

By the end of March, the company said it intends to fill its order book for the DB12 for the rest of 2023 – while Aston Martin’s first hybrid supercar, the Valhalla, is likely to also go into production.