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Aston Martin reports more heavy losses as brand’s first EV is pushed back to 2026

  • Aston Martin pushes back first electric car to 2026
  • British outfit also announces pre-profit loss of £239.8m in 2023
  • Bosses insist outlook for 2024 is looking more positive

Time 2:40 pm, February 28, 2024

Aston Martin has delayed its first ever EV as the British outfit continues to battle heavy losses.

Accounts published today for Aston Martin Lagonda show that the outfit made a heavy pre-tax loss of £239.8m in 2023 and failed to meet production targets.

As a result, the luxury carmaker now says it will now not launch its first electric vehicle until 2026 – a year later than originally planned.

The news comes despite Aston recently striking a deal for Saudi-backed US luxury EV maker Lucid to take take a 3.7% stake in the company.

Elsewhere in the results, it was revealed that the roup reported 6,620 deliveries of cars to dealers last year, below the 6,700 target that was revised down in November due to problems ramping up production for the new DB12.

Bosses had originally been eyeing a production goal of 7,000 but were forced to can the target as a result of the issues.

However, the group insists it is on track to ‘substantially achieve’ its financial targets for 2024 thanks to the launch of two new next generation sports cars, which are expected to bring in significant funds in the second half of the year.

The results also showed that losses actually narrowed from 2022’s figure of £495m.

Group executive chairman Lawrence Stroll – the Canadian billionaire who part-owns Aston Martin and also owns the Aston Martin F1 team – 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.’

Jack Williams's avatar

Jack joined the Car Dealer team in 2021 as a staff writer. He previously worked as a national newspaper journalist for BNPS Press Agency. He has provided news and motoring stories for a number of national publications including The Sun, The Times and The Daily Mirror.

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