The UK government has granted nearly £9 million in funding to Aston Martin to support the luxury carmaker’s development of electric vehicle (EV) technology. The announcement was made by Business and Trade Secretary Kemi Badenoch during her visit to Aston Martin’s Warwickshire headquarters. The funding, awarded through the Advanced Propulsion Centre (APC), is expected to safeguard over 2,500 local jobs and assist Aston Martin in advancing vehicle light-weighting, digital toolchains, and electrification training as it accelerates its EV initiatives.
Aston Martin is gearing up to introduce its first EVs starting in late 2025, commencing with an electric SUV, followed by a high-speed GT model by the end of the decade, in collaboration with American EV manufacturer Lucid.
After meeting with Aston Martin apprentices and senior executives, Badenoch expressed her support for the UK’s automotive sector, stating, “I was pleased to see first hand how Aston Martin’s work here in Warwickshire is helping us lead the way on cutting-edge new automotive technologies.”
The Department for Business and Trade emphasised the significance of luxury carmaker brands to the UK auto industry, highlighting that 90% of Aston Martin’s cars are currently exported.
This development follows Jaguar Land Rover’s (JLR) announcement in April that it plans to invest £15 billion to create a “modern luxury electric future” by expanding its EV offerings with the production of all-electric Jaguar and Range Rover models in the UK. The government has also supported Tata Group’s plan, the owner of JLR, to construct a £4 billion EV battery gigafactory, expected to be located in Somerset.
Michael Straughan, executive consultant to Aston Martin’s CEO, emphasised the company’s commitment to serving as a standard-bearer for British advanced engineering and its collaboration with the government to foster economic growth and support high-quality employment.
The UK government has been investing significantly in automotive research and development through its Automotive Transformation Fund, with claims that these investments will result in substantial CO2 emissions savings.
In related news, the government has redirected £150 million in public funding from the canceled northern leg of the HS2 high-speed rail project to enhance bus services across the North and Midlands in the coming year. It also extended the £2 cap on bus fares for another year until December 2024.
Prime Minister Rishi Sunak stated, “We’re backing buses with one of the biggest ever support packages and keeping bus fares down to ensure the country’s favourite means of transport is more affordable for millions of people.”
