Aston Martin to build electric vehicles in UK from 2025, report says

Europe

Aston Martin will build its new full-electric cars in the UK from 2025, the company’s biggest shareholder said in an interview with the Financial Times.

Lawrence Stroll, who is also the chairman of Aston Martin Lagonda, said in the interview published Sunday that an electric sports car would be produced at the automaker’s plant in Gaydon, England, and an electric SUV at a facility in St. Athan, Wales.

Stroll, a Canadian billionaire, led a 535 million-pound ($740 million) rescue of the company in 2020, and holds a 22 percent stake, according to data compiled by Bloomberg.

Mercedes-Benz may provide batteries to the automaker, Stroll said, though Aston Martin is looking at all options. Mercedes parent company Daimler holds a 20 percent stake in Aston Martin.

The firm’s pledge to build cars in the UK comes at a time when the country is struggling to attract investment after Brexit. Though the nation still enjoys tariff-free trade with the European Union, additional paperwork and complex laws on the origin of components has created friction for exporters.

Stellantis, which has two factories in the UK, is seeking government support to build electric vehicles at its Vauxhall plant in Ellesmere Port, England.

However, the country is taking a lead on regulation around electric vehicles, with plans to ban the sale of new gas and diesel vehicles by 2030.

Aston Martin has not turned a profit since it went public in 2018, but Stroll has set targets for the luxury automaker to earn 500 million pounds on 2 billion pounds of revenue by 2025. Stroll has also returned the company to Formula One racing.

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