Will This Mark the End for Electric Supercars? More Luxury Manufacturers, Like Aston Martin, Delay Their Electric Vehicle Projects.
The future of electric vehicles from Aston Martin and Maserati is uncertain.
Stellantis has decided to withdraw its investment in the development of future Maserati products. This decision comes at a time when both Maserati and Aston Martin are reevaluating their plans for electrified models due to budget and employment cuts, forcing them to consider whether there is real interest in electric vehicles bearing these renowned high-performance badges.
Earlier this week, Aston Martin revealed plans to reduce its workforce by 5% after reporting significant losses in the fourth quarter of last year. Supply chain issues and a decrease in demand in China have been cited as factors affecting its financial performance. Although the brand has not directly linked the layoffs to its future electric vehicle launches, its CEO, Adrian Hallmark, noted that electric cars represent a "step too far" for many of its customers, predicting that we will not see a fully electric Aston Martin until “the latter part of this decade.” The brand's first electrified model, which was expected this year, has been postponed to 2027 and could take even longer.
Hallmark emphasized that the priority will be plug-in hybrid vehicles, as they offer “more torque in the acceleration phase, but also the benefits of the combustion engine when the electric motor becomes less efficient in the high-performance range.”
Meanwhile, Maserati has faced a troubling drop in sales, which decreased by more than 50% last year, from 26,600 units in 2023 to just 11,300 in 2024. The Italian firm, which recently launched its Folgore line of electric vehicles, including the GranCabrio, GranTurismo, and Grecale SUV, will be forced to seek alternatives following the cancellation of a planned £1.2 billion (approximately $1.6 billion) investment by Stellantis. This investment was intended for the development of new models, including an electrified Maserati MC20 and electric replacements for the Quattroporte and Levante models.
Stellantis CFO Doug Ostermann once again attributed the decision to the performance in China, stating that the company had higher expectations for the luxury market and the pace of its transition to electrification.
The luxury car industry is not the only one facing challenges in the electric vehicle sector. Porsche has announced plans to cut 1,900 jobs by 2029 due to low demand for its electric vehicles, even considering the possibility of incorporating internal combustion engines in models that were initially announced as electric. Similarly, Lotus Cars, now under the control of the Chinese giant Geely, plans to reintroduce combustion technology with its new “Hyper Hybrid” line next year.
In a market where luxury vehicles often carry exorbitant prices and residual values that are impacted by electric batteries and motors, anxiety about range and the absence of V6, V8, and V12 engines continues to complicate the situation for those manufacturing desirable high-performance machines.
