Aston Martin will build its new full-electric cars in the UK starting in 2025, the automaker's chairman and biggest shareholder, Lawrence Stroll, told the Financial Times.
An electric sports car will be produced at the company's plant in Gaydon, England, and an electric SUV at its plant in St. Athan, Wales, Stroll said in an interview published on Sunday.
Aston Martin will carry on making traditional engines for enthusiasts well into the next decade, Stroll also told the paper. The automaker will also add electrified versions of its models, Stroll said. A mild hybrid version of the DBX SUV is due later this year and a plug-in hybrid DBX will launch in 2023.
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 automaker'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 gasoline 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.
Automakers selling cars in Europe are accelerating plans to become electric only as the European Union imposes tougher CO2 emissions rules to fight climate change.