Aston Martin, a British luxury car manufacturer has officially declared that all plans for electric vehicles are delayed. The company has suspended the launch of its first electric car, the Rapide E. All launches are reportedly pushed from 2022 to ‘not earlier than 2025.’ The move comes after taking on a desperately needed new investment from Formula One billionaire Lawrence Stroll. The automaker has decided to take on up to £500 million (around $657 million) from Stroll in exchange for handing over 20 percent of the company. The move has come after the automaker suffered a bad year almost losing more than £100 million despite increased sales.
The company is focusing on a V6 hybrid engine especially because the electric market is developing. As most competitors are looking for the electric market to grow, the company also wishes to be on the same wavelength as others and would launch its electric cars in 2025.
Rapide E was originally teased in 2015 but the project collapsed under its own weight after a massive debt pile in 2017. The company announced that it only planned to manufacture 155 units of a luxury electric sports sedan. The automaker is refocusing on its near-term survival rather than looking at the future. It is all to avoid the eighth bankruptcy in its 100 plus years of existence.
The auto industry is tough as people bring new innovative ideas and change the game. After facing a harsh and difficult year – 2019, the company is navigating through a hard time and with the investment, it is doing what seems best at the moment.