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Daily Newsletter

12 October 2023

Daily Newsletter

Aston Martin wins government funds

Grant will support development of a BEV platform

Aston Martin’s high-performance electrification strategy has been awarded GBP9m of government funding through the Advanced Propulsion Centre UK (APC).

Awarded following a competitive process, the government grant will support the development of the automaker's luxury BEV platform.

The British ultra-luxury manufacturer is making a GBP2bn commitment to advanced technology over the next five years, with its investment phasing from internal combustion engine (ICE) to BEV technology.

Project Elevation, a six-partner collaborative research and development project led by Aston Martin, will address the technical challenges of developing a lightweight, 800V traction battery pack and twin front electric drive unit (EDU) into a modular BEV platform.

Aston Martin is developing alternatives to the ICE with the first EV targeted for launch in 2025. In 2024 the company will deliver its first plug-in hybrid – the mid-engined Valhalla.

By 2026 all new model lines have an electrified powertrain option with the long-term objective of fully electrified by 2030.

High upfront costs could be detrimental towards the growth of the off-highway EV market

The global off-highway electric market is expected to grow at a CAGR of 17.4% by 2030, per GlobalData. Despite the strong growth, high upfront costs may pose a challenge. Due to the high capacity of these vehicles, they consume large amounts of power from a number of battery packs installed on the vehicle, whose high cost in turn adds to the cost of the vehicle, thereby increasing the initial cost. However, governments worldwide are offering subsidies and tax exemptions in order to help customers to counter the initial purchase cost.