Skip to main content
Sister Publication Links
  • Automotive News
  • Automobilwoche
  • Automotive News Canada
  • Automotive News China
Subscribe
  • Subscribe
  • Newsletters
  • Login
  • HOME
    • Latest news
    • Automakers
    • Suppliers
    • New Product
    • Environment/Emissions
    • Sales By Market
    • On The Move
    • Auto Shows
    • Renault committed to stronger alliance with Nissan, chairman says
      Stellantis has positive stock market debut after FCA-PSA merger
      Audi idles 10,000 staff on chip shortage
      Spotlight will find low-key Tavares as he takes over new empire at Stellantis
    • Stellantis has positive stock market debut after FCA-PSA merger
      Audi idles 10,000 staff on chip shortage
      Fiat Chrysler and PSA complete merger to become Stellantis
      Dacia-Lada business unit will unleash brands' power, Renault execs say
    • Ford, Audi, Daimler reduce German output on chip supply shortages
      Airline chief to head Swedish bearings maker SKF
      Nvidia CEO says software will soon define the car, drive profit
      LG Magna-MAIN_i.jpg
      At CES, Magna touts new deal with LG
    • Dacia-Lada business unit will unleash brands' power, Renault execs say
      Renault to follow Peugeot, VW in seeking higher transaction prices
      Renault to boost low-volume Alpine brand with 3 EVs
      view gallery
      8 photos
      Dacia Bigster
    • Mercedes badge_1.jpg
      Mercedes meets European CO2 target with late-year surge in EV sales
      EV-only future looks closer than ever in Europe
      VW to link bonuses to social targets
      New EU 'green-washing' rules will force automakers to be transparent
    • Stellantis seeking new joint venture in China, reports say
      Russia's new-car sales fall 2% in December
      FCA-PSA merger adds uncertainty to Peugeot's return to U.S., brand chief says
      Benz plant in Beijing.jpg
      Mercedes, Audi, BMW post record China deliveries
    • Renault names motorcycle team boss Brivio to lead Alpine F1 team
      Airline chief to head Swedish bearings maker SKF
      Renault names former Google exec to run Alpine brand
      Bentley's top designer, Sielaff, to leave; may join Geely
    • Geneva Auto Show
    • Frankfurt Auto Show
    • Paris Auto Show
    • Beijing Auto Show
    • Shanghai Auto Show
  • Features
    • Long Read
    • Interview of the Month
    • Supplier Spotlight
    • Focus on Electrification
    • Latest Launches
    • Analyst's View
    • Segment Analysis
    • Europe By The Numbers
    • EV-only future looks closer than ever in Europe
      European car retailing poised for shake-up as 'agency' model gains support
      How Europe will become an EV battery powerhouse
      VW, Ford stumbles force rethink of how to best use social media
    • Nvidia CEO says software will soon define the car, drive profit
      Tavares: Keeping PSA, FCA merger on track an 'incredible' achievement
      Renault CEO outlines ambitious revival plan
      Why Rolls-Royce boss expects to be profitable despite COVID
    • Veoneer boss expects to reach key milestone this quarter
      How Faurecia aims to become a hydrogen leader
      How Yanfeng gave the car interior a brain
      FCA suppliers in Europe at risk from switch to PSA platform, experts say
    • Chinese EV maker Xpeng outlines Europe rollout plan
      Arrival Van.jpg
      How Arrival intends to disrupt the delivery van market
      Polestar 2's performance, convenience offset range anxiety
      Nio ET7-MAIN.jpg
      Nio debuts first electric sedan
    • BENTAYGAHYBRID-MAIN_i.jpg
      Bentley freshens Bentayga Hybrid
      Dacia turns to familiar playbook for all-new Sandero
      BMW 4-Series Coupe breaks free from sedan sibling
      Hyundai counts on new Tucson to become its Europe top-seller
    • Pandemic forces automakers to focus on brand, conserve cash
      Why prospects for dealer mergers have improved
      Dacia-level price discipline needed to end margin slump in Europe, expert says
      How infotainment systems are taking over the vehicle cockpit
    • Wagons hold market share, but costly EV shift looms
      Electrification gains speed in Europe's key compact segment
      Hybrids beat the market; sales expected to top 1 million in 2022
      Plug-in hybrids set for rapid rise but trouble looms
    • Russia's new-car sales fall 2% in December
      Europe sales by model, Nov. and 11 months: Audi A3, Jeep Compass rise; Toyota Yaris surprises
      Top 10 sellers by market, 11 months: Skoda a top 5-seller in 13 countries
      Turkey sales, Nov. and 11 months: Ford, Renault-Nissan, FCA, Hyundai-Kia surge
  • Opinion
    • Blogs
    • Commentary
    • Guest columnists
    • Polestar 2's performance, convenience offset range anxiety
      Bosch, Continental battle to supply the brain of the connected car
      Why the ID5 is VW's true rival to the Tesla Model Y
      Volvo, Daimler CEOs praised for leading push to computerize cars
    • Understanding the impact of design on marketing, brand and user experience
      Ex-Aston Martin CEO Palmer calls on UK to intensify battery commitment
      Why Apple must target the $230B luxury car market
      Apple car: Who will build it? Magna Steyr possible candidate
  • Photos
    • Photo Galleries
    • Geneva Photo Gallery
    • Beijing Photo Gallery
    • Frankfurt Photo Gallery
    • Paris Photo Gallery
    • Shanghai Photo Gallery
    • view gallery
      8 photos
      Dacia Bigster
      view gallery
      8 photos
      Renault 5 concept
      view gallery
      15 photos
      Toyota Mirai 2021
      view gallery
      10 photos
      Fiat Tipo Cross
    • koenigsegg-gemera-front-quarter-passenger-01.jpg
      view gallery
      14 photos
      Koenigsegg Gemera
      view gallery
      21 photos
      Fiat New 500
      view gallery
      11 photos
      Aston Martin V12 Speedster
      view gallery
      13 photos
      Audi A3 Sportback 2020
    • At the Beijing show, sales rebound and EV boom mix with murky outlook
      3BEIJING-MAIN_i.jpg
      Beijing show to highlight competition for local EV makers
      Beijing auto show delayed due to coronavirus
      Maserati will unveil Ghibli hybrid at Beijing show
    • view gallery
      11 photos
      Mercedes-Benz Vision EQS
      view gallery
      11 photos
      Renault Captur
      view gallery
      5 photos
      Mercedes-Benz AMG GLB 53
      view gallery
      10 photos
      Mercedes-AMG GLE 53 Coupe
    • view gallery
      8 photos
      VinFast Lux A2.0 sedan
      view gallery
      8 photos
      VinFast Lux SA2.0 SUV
      view gallery
      9 photos
      Seat Tarraco
      view gallery
      7 photos
      Toyota Corolla station wagon
    • view gallery
      4 photos
      Nio ET Preview
      view gallery
      7 photos
      Infiniti Qs Inspiration concept
      view gallery
      5 photos
      BMW 3-series LWB
      view gallery
      9 photos
      Mini Clubman
  • Maps
    • E-Car & Component Map of Europe
    • Powertrain Map of Europe
    • Assembly Plant Map of Europe
  • Car Cutaways
  • EVENTS
    • ANE Congress Conversations
    • ANE Shift
    • ANE Rising Stars
    • ANE Eurostars
    • ANE Leading Women
    • Watch Again
      • July 9: EU green deal in the COVID-19 new normal
      • July 16: Assisted or Autonomous Driving
      • July 23: Challenges in Electrification
      • July 30: The Road Ahead for Europe
    • Meet the 2020 winners
    • Watch the 2020 Rising Stars awards again
  • More
    • Publishing Partners
    • Social Media
    • Contact Us
    • Media Kit
    • About Us
    • Toyota Europe
    • UFI Filters
    • Facebook
    • Instagram
    • LinkedIn
    • Twitter
MENU
Breadcrumb
  1. Home
  2. Automakers
November 01, 2020 01:30 AM

Aston Martin wants more than 20% of its sales to come from electrified models by 2024

Nick Gibbs
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print
    DBXFP-MAIN.jpg

    Aston Martin plans to offer a plug-in hybrid version of the DBX in 2023.

    Every fourth or fifth Aston Martin sold in 2024 will be electrified, with a plug-in hybrid version of the DBX ultraluxury SUV arriving in 2023, CEO Tobias Moers said.

    The struggling British supercar maker can more rapidly electrify its lineup after securing access to advanced Mercedes-Benz technologies, including next-generation hybrid and electric powertrains. In exchange, Mercedes can boost its current 2.3 percent stake in Aston Martin to as much as 20 percent, the companies said on Tuesday.

    Aston Martin previously said it would launch its own hybrid V-6 drivetrain in the Valhalla hypercar in 2021. Moers, however, hinted that the automaker could end the project and use a Mercedes powertrain instead.

    "We are still working on that [hybrid drivetrain], but we now have alternatives. It's too early to say" what decision will be made, he said during a call with reporters on Tuesday.

    The Valhalla will be followed by the Vanquish mid-engine coupe, which will also have an electrified powertrain. Moers said people who buy mid-engined supercars now expected them to have hybrid technology.

    Meanwhile, Aston's first full-electric car will arrive in 2025-26 and be equipped with Mercedes technology, Moers said.

    Under former CEO Andy Palmer, who Moers succeeded in August, Aston Martin had intended to launch its first full-electric car in 2021-22 under the revived Lagonda badge, but Moers confirmed that plan had been shelved.

    "Lagonda has a different purpose for the future. Electric-driven cars are supposed to be Aston Martins," he said.

    Moers spoke of using an electric architecture from Mercedes, but stopped short of saying it would be a complete platform.
    "If you did everything yourself, like creating a new EV architecture, your capex [capital expenditure] line would look dramatically more expensive," Moers said.

    Aston Martin could conceivably use Mercedes's EVA electric architecture that will debut next year on the EQS upper-premium EV and be extended to a smaller-sized sedan.

    Under their previous agreement, Aston Martin uses Mercedes's infotainment technology as well as a V-8 engine developed by the German automaker's performance arm, Mercedes-AMG, where Moers served as CEO before joining Aston Martin.

    The technology delivered under the new agreement is scheduled to appear in Aston Martin models starting late next year or early 2022, Moers said. He also promised a "product firework" in 2023, hinting at a new front-engine sports car that is likely to replace the DB11 coupe and convertible.

    Aston Martin promised to increase sales to 10,000 by 2024, up from 5,809 last year. That figure is well below the 14,000 sales targeted by Palmer for 2023.

    Financial struggles

    Aston Martin said on Tuesday it swung to an adjusted loss of 29 million pounds ($38 million) in the third quarter, versus a profit of 43 million pounds during the same period last year.

    Third-quarter revenue nearly halved to 124 million pounds.

    Aston Martin is targeting annual capital expenditure of 250 million pounds to 300 million pounds from 2021-25.

    The automaker said on Tuesday it raised 125 million pounds in a recent share offering bought chiefly by Permian Investment Partners, Zelon Holdings, and Aston Martin's largest shareholder and chairman, Lawrence Stroll via his company, Yew Tree Overseas.

    After the share offering and other fundraising, Aston Martin will have more than 500 million pounds in cash, the company said in a stock exchange filing. That amount is sufficient for its midterm to long-term requirements, Chief Financial Officer Ken Gregor said during the conference call on Tuesday.

     

    RECOMMENDED FOR YOU
    Renault committed to stronger alliance with Nissan, chairman says
    Recommended for You
    Renault committed to stronger alliance with Nissan, chairman says
    Renault committed to stronger alliance with Nissan, chairman says
    Stellantis has positive stock market debut after FCA-PSA merger
    Stellantis has positive stock market debut after FCA-PSA merger
    Audi idles 10,000 staff on chip shortage
    Audi idles 10,000 staff on chip shortage
    Sign up for free newsletters
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    You can unsubscribe at any time through links in these emails. For more information, see our Privacy Policy.

    Get Free Newsletters

    Sign up and get the best of Automotive News Europe delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    You can unsubscribe at any time through links in these emails. For more information, see our Privacy Policy.

    SUBSCRIBE TODAY

    Get 24/7 access to in-depth, authoritative coverage of the auto industry from a global team of reporters and editors covering the news that’s vital to your business.

    SUBSCRIBE NOW
    Connect with Us
    • Twitter
    • Facebook
    • LinkedIn
    • Instagram

    Founded in 1996, Automotive News Europe is the preferred information source for decision-makers and opinion leaders operating in Europe.

    Contact Us

    1155 Gratiot Avenue
    Detroit MI  48207-2997
    Tel: +1 877-812-1584

    Email Us

    ISSN 2643-6590 (print)
    ISSN 2643-6604 (online)

     

    Resources
    • About us
    • Contact Us
    • 2020 Media Kit
    • Advertise with Us
    • Ad Choices Ad Choices
    • Sitemap
    Awards
    • Rising Stars
    • Eurostars
    • Leading Women
    Legal
    • Terms and Conditions
    • Privacy Policy
    • Privacy Request
    Automotive News Europe
    Copyright © 1996-2021. Crain Communications, Inc. All Rights Reserved.
    • HOME
      • Latest news
      • Automakers
      • Suppliers
      • New Product
      • Environment/Emissions
      • Sales By Market
      • On The Move
      • Auto Shows
        • Geneva Auto Show
        • Frankfurt Auto Show
        • Paris Auto Show
        • Beijing Auto Show
        • Shanghai Auto Show
    • Features
      • Long Read
      • Interview of the Month
      • Supplier Spotlight
      • Focus on Electrification
      • Latest Launches
      • Analyst's View
      • Segment Analysis
      • Europe By The Numbers
    • Opinion
      • Blogs
      • Commentary
      • Guest columnists
    • Photos
      • Photo Galleries
      • Geneva Photo Gallery
      • Beijing Photo Gallery
      • Frankfurt Photo Gallery
      • Paris Photo Gallery
      • Shanghai Photo Gallery
    • Maps
      • E-Car & Component Map of Europe
      • Powertrain Map of Europe
      • Assembly Plant Map of Europe
    • Car Cutaways
    • EVENTS
      • ANE Congress Conversations
        • Watch Again
          • July 9: EU green deal in the COVID-19 new normal
          • July 16: Assisted or Autonomous Driving
          • July 23: Challenges in Electrification
          • July 30: The Road Ahead for Europe
      • ANE Shift
      • ANE Rising Stars
        • Meet the 2020 winners
        • Watch the 2020 Rising Stars awards again
      • ANE Eurostars
      • ANE Leading Women
    • More
      • Publishing Partners
        • Toyota Europe
        • UFI Filters
      • Social Media
        • Facebook
        • Instagram
        • LinkedIn
        • Twitter
      • Contact Us
      • Media Kit
      • About Us