Aston Martin delays electric car plans after raising emergency funds

Image: Aston Martin

Aston Martin has officially delayed all plans for electric vehicles after taking on a desperately-needed new investment from Formula One billionaire Lawrence Stroll. The company says it has indefinitely suspended its first electric car, the Rapide E, after refusing to confirm rumors about the project earlier this month. And it has pushed the launch of its all-electric Lagonda sub-brand back from 2022 to “no earlier than” 2025.

The British luxury automaker decided to take on up to £500 million (around $657 million) from Stroll in exchange for handing over almost 20 percent of the company. This comes after Aston Martin suffered what CEO Andy Palmer called a “very” bad 2019, where the company lost more than £100 million despite increased…

Continue reading…

via The Verge – All Posts

Check out the Finding Your Identity Podcast!

Tags: , ,