A MAJOR car brand has revealed it is delaying its first EV a year after revealing heavy losses and missed targets.
The luxury manufacturer has hit the brakes on plans to launch the first electric car.
Aston Martin Lagonda was originally set to release its new battery electric vehicle in 2025.
But the carmaker maker giant is delaying the launch by a year.
The setback comes as the company grapples with substantial financial losses and falls short of its adjusted production targets.
The SUV was expected to be Aston Martin’s first electric vehicle and will eventually be followed by a grand tourer.
Manufacturers had just collaborated with Saudi-backed US luxury EV maker Lucid.
The move resulted in Lucid securing a 3.7% stake in Aston Martin.
The delay in the expected launch was revealed was part of Aston Martin’s annual results.
The company revealed it failed to meet revised production targets for 2023.
Despite aiming for 6,700 deliveries, the group managed only 6,620.
Bosses said the shortfall was due to challenges in scaling up production for the new DB12 sports model.
But Aston Martin managed to narrow pre-tax losses to £239.8million from £495million in 2022.
Lawrence Stroll, the Canadian billionaire who is part-owner of Aston Martin and also owns the Aston Martin F1 team, said he was optimistic despite the missed targets.
The group executive chairman said: “Looking ahead to 2024, I’m excited by the future development of our product portfolio with the completion of our line-up of next-generation, front-engine sports cars, including the recently unveiled Vantage, and the continuation of our specials programmes.
“These and other advancements will support the delivery of the company’s near and medium-term financial targets.”
It comes as Aston Martin secured a whopping £9 million in government funding to help launch its first electric car.
The luxe car manufacturer was handed the funding by the Advanced Propulsion Centre (APC) which aims to develop UK-based net-zero emission technologies.
Meanwhile, an Aston Martin hatchback dubbed the “world’s rarest city car” has been found abandoned by a main road – even its number plate is ‘worth a fortune’.
Petrolhead James, a self-professed lover of “crap old cars”, made a discovery beyond his wildest dreams.
Elsewhere, an incredible collection of Aston Martin race cars in a variety of eye-catching colours were due to go under the hammer with a price tag of £350,000.
The V8 Racing Collection is a series of seven 2010 Aston Martin V8 Vantage Coupés celebrating Aston Martins racing heritage.
