British luxury car brand Aston Martin's first electric sedan car will hit the market in two years' time, its chief executive told Automotive News.
The carmaker raised capital in April and is expanding into new vehicle categories under CEO Andy Palmer, who was appointed just under a year ago to turn around the company, which has struggled to stay competitive with larger rivals.
The new car will be all-electric version of Aston Martin's four-door Rapide. Palmer said it would have about 800 horsepower, Automotive News reported on Tuesday.
The company is expanding into electric and hybrid vehicles as, like other carmakers, it faces more stringent CO2 emissions regulations in the United States and Europe.
In March, it unveiled plans for an all-electric DBX crossover sporty utility vehicle, which it said should be expected by 2019. Palmer told Automotive News the DBX would come after the electric Rapide.
Held back by ageing models and weak investment, the company has missed out on a global luxury car boom and last year it delivered 4,000 cars, far short of its 7,300 record in 2007.
An Aston Martin spokesman was not immediately available to comment.