UK: Aston Martin secures funding for DBX crossover
An Aston Martin crossover based on the DBX Concept shown in Geneva will now get the go-ahead for development based on the additional funding secured
Aston Martin has said that it has secured GBP200m of additional funding from its major shareholders for a product expansion.
Under the plan, the company will expand into the luxury GT crossover market with the introduction of a new vehicle based on the DBX Concept shown at the recent Geneva and Shanghai motor shows. The DBX crossover could reach the market in 2019.
Aston Martin Lagonda CEO Dr Andy Palmer said: "This additional long-term funding, will enable us to add extra model lines and broaden our presence in the luxury market segment by the end of the decade. The DBX concept has generated interest far beyond our expectations. The additional investment announced today will allow us to realise the DBX and other new luxury vehicles that will form the strongest and most diverse portfolio in our history.
"Our shareholders have shown their strong commitment and confidence in the management team to execute the strategic plan."
Separately, Aston Martin Holdings (UK) Limited announced results for the 12 months ended 31 December 2014. In 2014 the company delivered full year revenues of GBP468m and adjusted EBITDA of GBP66m whilst simultaneously increasing its product development spend by 45%.
In 2015, the company said it expects global demand for its luxury sports cars to remain high, whilst it continues to develop and expand its current range starting with first customer deliveries of the limited edition track-only Aston Martin Vulcan and the race inspired, Vantage GT12.