Electrifying classic cars is a surging business – With a two-year waitlist

The business of restoring classic British cars and replacing their engines with electric motors is booming, according to Lunaz, a company that does exactly that.

Demand for its electric Rolls-Royce, Bentley, Aston Martin, Range Rover and Jaguar vehicles has been so high, the order books for 2022 and 2023 are now already closed. To cope with demand, the company has expanded its workforce by 500 percent in 12 months, to 120 employees.

Lunaz, which counts former soccer player David Beckham among its investors, is growing its headquarters in Silverstone, England (location of the Formula One circuit of the same name) so that 110 vehicles can be restored, re-engineered and electrified each year. That figure is up 50 percent compared to 2020.

The flagship of the electrified range is the Aston Martin DB6, starting at $1.3m plus taxes

The restoration and electrification facility is to expand its footprint by 400 percent in 2022 in a bid to cope with what Lunaz describes as “significant” sales across Europe, the US and the Asia Pacific.

Lunaz says its electrified classic cars are attracting a new generation of buyers. “These women and men had previously dismissed the idea of owning a blue-chip classic because of issues around reliability, useability and sustainability,” the company said. “As an entirely up-cycled, clean-air expression of a classic car, Lunaz answers these questions, making classic car ownership a relevant proposition for future generations.”

Unsurprisingly, these cars do not come cheap. Prices for Lunaz vehicles start at £290,000 ($395,000) plus local taxes for an electrified classic Range Rover. Restorations of Bentley Continentals and Rolls-Royce Silver Clouds start at £350,000 ($476,000) plus tax, while the Rolls-Royce Phantom V is £550,000 ($748,000) and the latest addition to the range, the Aston Martin DB6, begins at £950,000 ($1.3m).

Source: Forbes