Government Funding Boost for Aston Martin's Electric Cars

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【Summary】Aston Martin has received £9m in government funding to accelerate its electric vehicle (EV) program. The funding will help develop a new platform for a range of EVs, starting with an SUV and followed by a GT by the end of the decade. The government support is seen as a boost to Aston's R&D efforts and will help them become a leader in the luxury EV segment. The new platform will be powered by motor and battery technologies from American EV maker Lucid.

FutureCar Staff Oct 09, 2023 4:18 PM PT

Government Funding Boost for Aston Martin's Electric Cars

Aston Martin has secured £9 million in government funding from the UK to accelerate its electrification program. This funding, provided through the Advanced Propulsion Centre (APC), will support Aston in developing a new platform for a range of electric vehicles. The company plans to introduce its first electric vehicle in late 2025, starting with an SUV followed by a GT by the end of the decade.

The government's backing is seen as a significant boost to Aston's research and development program, according to chief technology officer Roberto Fedeli. He believes that the additional resources will help Aston become a leader in bespoke battery electric vehicle (BEV) technology in the ultra-luxury, high-performance segment.

Chief executive of the APC, Ian Constance, expressed his excitement about the announcement and highlighted the diverse set of original equipment manufacturers (OEMs) and suppliers involved. He believes this demonstrates the strength of the UK automotive industry and its commitment to achieving net-zero emissions goals.

Aston's new platform will be powered by motor and battery technologies supplied by American EV maker Lucid. The partnership between Aston Martin and Lucid was confirmed in June after a competitive tender process that lasted over two and a half years. As part of the deal, Lucid acquired a 3.7% shareholding in Aston, worth £79 million in equity. The remaining balance will be paid in cash instalments until 2026, with an additional £177 million to be paid by Aston for components in a long-term supply agreement.