Aston Martin has set aside £2bn for its switch to electric cars as it battles to halt widening losses at what its largest shareholder called a “pivotal moment” for the business.

The luxury car maker said it expected to invest the sum by 2027 in its “long-term growth and transition to electrification”.

It comes pre-tax losses deepened from £142.2m to £216.7m in the first half of the year as it sold fewer cars. Adjusted underlying profits fell by 23pc to £62.2m.

The company sold 1,998 vehicles, down 32pc on the same period last year, sending revenues down 11pc to £603m.

It sets out the scale of the challenge facing incoming chief executive Adrian Hallmark, the former Bentley boss who will join by October.

However, its results were in line with analyst estimates and the company maintained its profit outlook for the year.

Aston Martin executive chairman Lawrence Stroll, who is its biggest shareholder, said: “As we commence an exciting second half of 2024, Aston Martin is at a pivotal moment in its journey, with our immense product transformation supporting volume growth and sustainable positive free cash flow generation later this year, of which we have full confidence in achieving.

“In line with prior guidance, our execution in the first half of the year focused on the successful delivery of our new Vantage and upgraded DBX707 and we remain on track to deliver a strong second half performance.”

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