New Delhi, February 28: British luxury car company Aston Martin set out to launch its first electric car; however, according to the reports, the launch of the EV has been delayed. As per the reports, the company delayed the launch of its first electric car due to poor market demand. The reports said the upcoming Aston Martin battery electric car launch was delayed until 2026. Earlier, the company was planning to launch it in 2025.
According to the report by Moneycontrol, the British luxury car company has committed $2.53 billion, or £2 billion, to advanced technology for the upcoming five years. The report said that Aston Martin had its investment phasing from ICE (internal combustion engine) to BEV (battery electric vehicle). As per the report, the automobile companies and their suppliers bet on the future BEV demand, investment capacity, and technology development, which has outplaced the actual demand for vehicle vehicles. It reportedly has led the automakers to readjust their production plans. BYD Seal Booking Open for Indian Market, Launch Set for March 5; Know More Details.
The Economic Times Auto reported that Aston Martin’s first electric car, Valhalla, will enter production this year. According to the report, Mercedes-Benz delayed its “electrification goal” by five years and said the company would “spruce up” its combustion engine models. Further, the report mentioned that the company hoped to turn free cash flow positive in the fourth quarter. However, it was hit by the DB12 and Valour models’ delivery timings. Volvo EX30 and Volvo EX90 EVs Likely To Launch Soon in India; Check Expected Specifications and Features.
The report said Aston Martin expects positive cash generation in the second half of this year. Recently, the company struck a deal with Saudi-backed US electric vehicles market Lucid. This year, other companies have confirmed the introduction of their EVs in the market, including China’s BYD Auto and Elon Musk’s Tesla. BYD Seal is set to launch on March 5, 2024, and Tesla has yet to confirm the launch of its electric model for the Indian market.
(The above story first appeared on LatestLY on Feb 28, 2024 07:21 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).
