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Bloomberg
Aston Martin Lagonda Global Holdings Plc will build its new electric cars in the UK from 2025, the company’s biggest shareholder told the Financial Times in an interview.
Chairman Lawrence Stroll said its battery sports car and sport utility vehicle would be produced at plants in England and Wales respectively, according to the newspaper. The Canadian billionaire led a 535 million-pound ($740 million) rescue of the company in 2020, and holds a 22% stake, according to data compiled by Bloomberg.
Daimler AG’s Mercedes-Benz may provide batteries to the firm, Stroll said, though the British brand is looking at all options.
The company’s pledge to build cars in the United Kingdom 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.
However, the country is taking a lead on regulation around electric vehicles, with plans to ban the sale of new petrol and diesel vehicles by 2030.
After not turning a profit since it went public in 2018, Stroll has set targets for Aston to make 500 million pounds on 2 billion pounds of revenue by 2025. Stroll has also returned the company to Formula 1 racing.