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Aston Martin sheds light on its first two electric vehicles

Aston Martin's on-again, off-again electric car rollout is beginning to take shape. Bolstered by stakeholder Daimler, the British carmaker detailed the first two battery-powered models that it plans to bring to the market. Speaking to the Financial Times, company stakeholder Lawrence Stroll confirmed that at least two electric Aston Martin models are on their way after several false starts. One will be a sports car in the vein of the DB11, and the other will be an SUV. Both will be built in the United Kingdom, so they will not roll off a Mercedes-Benz assembly line, but neither's design has been finalized yet. Stroll affirmed that his team hasn't even decided what to call them. As we previously reported, both of these EVs are likely to use at least some technology borrowed from Mercedes-Benz. Daimler will increase its stake in Aston Martin to 20% by 2023, and it's granting the company access to its hybrid and electric powertrains in return. It's a win-win situation: on one hand, Aston Martin receives state-of-the-art turnkey components. On the other hand, Mercedes-Benz is able to leverage the benefits of economies of scale. It's still too early to tell precisely which parts Aston Martin will use to build its first electric cars. It could borrow a platform from Mercedes-Benz, it could use powertrain components (like batteries and motors), or it might sign up for both. "We're looking at all options," explained Stroll. Regardless, the company's much-hyped plans to recycle the decades-old Lagonda name to denote a luxurious sub-brand focused on electric cars have been canned. Tobias Moers, the company's CEO, confirmed that the first electric Aston Martin models will go on sale in 2025 or 2026. In the meantime, the company will launch several hybrids, including a fuel-sipping version of the DBX. Aston Martin needs to go electric, because it will no longer be allowed to sell cars powered by an internal combustion engine in its home country of England after 2030. It's not entirely phasing out its gasoline-powered models, however. Stroll previously stressed he doesn't think the internal combustion engine will ever fully disappear. Related Video:

Aston Martin CEO Andy Palmer to leave in favor of AMG chief Tobias Moers

Aston Martin Chief Executive Andy Palmer is leaving the business as part of a management shake-up and will be replaced by Tobias Moers, CEO of Mercedes-AMG, a source familiar with the matter told Reuters on Sunday. The luxury carmaker said in an emailed statement that it is reviewing its management team but declined to comment on Palmer's fate. Palmer and Germany's Daimler, which owns a 5% stake in Aston Martin and supplies the carmaker with Mercedes-AMG engines, also declined to comment. The Financial Times newspaper had reported earlier that the Aston Martin chief was going to leave as part of a shake-up of its leadership, with an official announcement expected on Tuesday. Palmer had not been informed of the upcoming announcement, the newspaper reported. Aston Martin, famed for being fictional secret agent James Bond's car of choice, has seen its share price plummet since floating in October 2018. The 107-year old British luxury carmaker earlier this month posted a deep first-quarter loss after sales dropped by almost a third due to the impact of the novel coronavirus outbreak. The company has been banking on its sport utility vehicle to drive sales in a new segment, and said production was on track. In January, dire conditions forced the company to bring in Canadian billionaire Lawrence Stroll who bought a roughly 20% stake for nearly 200 million pounds ($263 million), as the ailing carmaker sought to raise funds. The coronavirus pandemic and shutdowns caused by it have hit demand and forced factories around the world to suspend production, negatively impacting many industries, including car manufacturers. "We were obviously fairly significantly hit by COVID-19, starting with China in January but more clearly in what we saw as it came across towards Europe and the United States," Palmer told Reuters earlier in May. Related Video:

Fisker sues Aston Martin for $100M over The Force 1

We were expecting Henrik Fisker to bring The Force 1, his next vehicle design, to next week's Detroit Auto Show, but that might not happen. In December an attorney for Aston Martin sent Fisker a letter asking the Danish designer to either not show his car in Detroit or to change the design. Fisker responded to that letter by filing $100-million civil extortion lawsuit against Aston Martin in a California Federal court, naming company CEO Andy Palmer, chief spokesman Simon Sproule, and chief creative officer Marek Reichman as defendants. Based on the overhead-view sketch, the English carmaker believes that The Force 1 is "strikingly similar to several of Aston Martin's cars, including the DB10" from the movie Spectre. At the same time the carmaker's letter to Fisker admitted that it doesn't know what the final design will look like, but it appears that the carmaker's intent to "protect its valuable rights if necessary" could not make way for patience. Or perhaps Aston Martin is trying to prevent another Thunderbolt episode before it starts. That incident last year involved the carmaker suing Fisker over his reimagined Vanquish, with the two settling the matter out of court. Fisker says The Force 1 has isn't based on an Aston Martin, and as part of the lawsuit submitted a design breakdown of both the DB10 and The Force 1. Fisker's latest is apparently in partnership with VL Automotive, the company that's been threatening to release a V8-powered Karma sedan for years now, and the Detroit show organizers say they've been working with VL, not Fisker. The lawsuit seeks the $100 million for punitive and compensatory damages and court costs, alleging that Aston Martin's actions "would subject [Fisker] to public humiliation, embarrassment in the industry, and significant financial losses." The public allegations go even further, Fisker's lawyer Jonathan Michaels saying that the English brand, "In an effort to protect itself from further market erosion... conspired and devised a scheme to stomp out Henrik Fisker's competitive presence in the luxury sports car industry." News Source: Wall Street Journal Design/Style Government/Legal Detroit Auto Show Aston Martin Fisker Coupe Luxury Performance lawsuit Henrik Fisker spectre aston martin db10