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Aston Martin To Make Electric Cars in U.K. from 2025, FT Reports

Bloomberg logoBloomberg 3/7/2021 Eddie Spence
a group of people standing on top of a car: The Aston Martin Rapide E electric vehicle stands on display at the Auto Shanghai 2019 show in Shanghai, China, on Wednesday, April 17, 2019. China's annual auto show, held in Shanghai this year, opened to the media on April 16 amid the specter of an electric-car bubble and as the world's largest auto market trudges through its first recession in a generation. © Bloomberg The Aston Martin Rapide E electric vehicle stands on display at the Auto Shanghai 2019 show in Shanghai, China, on Wednesday, April 17, 2019. China's annual auto show, held in Shanghai this year, opened to the media on April 16 amid the specter of an electric-car bubble and as the world's largest auto market trudges through its first recession in a generation.

(Bloomberg) -- Aston Martin Lagonda Global Holdings Plc will build its new electric cars in the U.K. from 2025, the company’s biggest shareholder told the Financial Times in an interview published on Sunday.

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 firm’s pledge to build cars in the U.K. 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.

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