Government funding for Aston Martin's electric cars

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【Summary】Aston Martin has received £9 million in government funding to accelerate its electric car program. The funding will be used to develop a new platform for electric vehicles, starting with an SUV and followed by a GT model. The government backing is seen as a boost to Aston's research and development efforts. The new platform will be powered by motor and battery technologies supplied by American EV maker Lucid.

FutureCar Staff Oct 09, 2023 11:18 PM PT

Government funding for Aston Martin's electric cars

Aston Martin has secured £9 million in funding from the UK government to accelerate its electrification program. This funding, provided through the Advanced Propulsion Centre (APC), will support the development of a new platform for electric vehicles (EVs). The first EV from Aston Martin is expected to be released 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 Martin's research and development program. Roberto Fedeli, the chief technology officer, expressed that the additional resources will help Aston Martin become a leader in in-house EV technology in the ultra-luxury, high-performance segment.

The CEO of the APC, Ian Constance, highlighted that this funding announcement demonstrates the strength of the UK automotive industry and its commitment to achieving the country's net-zero ambition.

Aston Martin's new platform will be powered by motor and battery technologies supplied by American EV maker Lucid. The partnership with 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 Martin, which provided £79 million in equity. The remaining balance will be paid in cash instalments until 2026, and Aston Martin will contribute an additional £177 million for components as part of a long-term supply agreement.