Aston Martin postpones electric car arrival due to financial situation

Aston Martin has indicated that it will not release electric cars for the time being. The delay has to do with the automaker’s financial situation; it has accepted a capital injection to avoid bankruptcy and will focus on other matters for the time being.

The Financial Times reports this after an emergency board meeting at Aston Martin on Friday. There it was decided on the future of the ailing company; it was eventually decided to accept a £500m investment from a consortium led by Lawrence Stroll, a Canadian billionaire who also owns a Formula 1 team. As part of that, the release of electric cars will be paused, and the focus will be on selling non-electric cars.

Aston Martin had another offer from Geely; that company wanted to focus on the release of electric cars. Then Aston Martin would have had to exchange parts with other automakers, and make cars in China.

Last year, Aston Martin announced its Rapide E, the company’s first electric car. The design of the new Rapide E is based on the Aston Martin Rapide Sedan with an internal combustion engine. The car has two electric motors that drive the rear axle and together generate 450kW, which ensures a top speed of 250 km/h. The car is not yet on the market and so, given the recent decision, it will not be released for the time being.