On Wednesday, in a statement Aston Martin said, is it launching its first sport utility vehicle, as it hopes for a turnaround.
Share prices of the sports carmaker have plunged this year following sales unable to meet analysts’ expectations after a stock market flotation.
In its 106-year history, Aston Martin, famed for being James Bond’s car of choice, has gone bankrupt seven times and has had multiple owners over the last century including Ford.
Owned mostly by Kuwaiti and Italian private equity groups, Aston Martin’s IPO in October 2018 at 19 pounds per share saw its share prices fall by around 75%, following waning demand in Europe.
The carmaker reported a pre-tax loss of $118 million (92 million pounds) in the first nine months of this year, has sunk money into a new factory in Wales which will build the new DBX SUV model from 2020.
“We’re essentially holding the cost of a complete factory right now without the benefit of the revenues coming in … so from that point of view of course it’s a really important model,” said Andy Palmer, Aston Martin’s Chief Executive.
Aston Martin is hoping to snag more women buyers with its new offering after having received inputs from a female advisory body on the choice of certain features such as separate central arm rests and the design of the glovebox.
While the first trial build of the DBX has been completed, production is scheduled to commence in the second quarter of next year.
“If our volumes are slightly north of 6,000 this year, obviously you’re adding another ultimately 4 or 5,000 so it’s a big chunk of volume for us,” said Palmer.