British auto giant Aston Martin has decided to make its new facility at St. Athan in Wales a centre for manufacturing of all its EVs in the coming years.
Upcoming EVs in the British automaker’s lineup would be manufactured alongside the DBX SUV concept, Rapide E and the Lagonda brand. The plant which is based at the former Ministry of Defence site has a capacity of employing close to 750 people.
Upcoming EVs in the British automaker's lineup would be manufactured alongside the DBX SUV concept, Rapide E and the Lagonda brand
Apart from that Aston Martin is also investing an additional 50 million pounds in the new plant towards making it EV specific. The new production plant is compliant with the production of the Aston Martin’s debut SUV, codenamed as the DBX (rumoured to be called as Varekai) which will feature a gasoline-electric hybrid powertrain.
Dr Andy Palmer, Aston Martin President and Group CEO, said: “I’m delighted that St Athan will be our ‘Home of Electrification’. The Rapide E will spearhead the development of Aston Martin’s low- and zero-emissions vehicle strategy. This is a demonstration of how electrification features prominently in our business plan moving forward.”
Apart from that Aston Martin is also investing an additional 50 million pounds in the new plant towards making it EV specific
As of now, close to 150 staff have already been employed at the plant although production of the DBX and Rapid E won’t start until the second half of 2019. This news comes a couple of weeks after Aston Martin confirmed it will float on the London Stock Exchange within the next few weeks. The decision was put through in the wake of the British carmaker generating record profits.
According to the announcement, Aston Martin will formally offer up to $1.29 billion worth of shares in its initial public offering (IPO). The shares are worth an estimated 25 per cent of the total. The firm submitted a registration document with the Financial Conduct Authority with a prospectus being published on or before 20 September.