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Aston Martin announces $306M in funding to build DBX, 'other new luxury vehicles'

Aston Martin has just gotten one step closer to building a crossover, as the British outfit has secured a 200-million-pound (about $306 million at today's rates) infusion of capital from its leading shareholders. The money will allow Aston Martin to develop "a new vehicle based on the DBX concept," although just how closely the production model will adhere to the concept's styling is unclear. Andy Palmer, the company's CEO, also hinted at other models being added, thanks to the funds. "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," Palmer said in the attached statement. "The additional investment announced today will allow us to realize the DBX and other new luxury vehicles that will form the strongest and most diverse portfolio in our history." It's unclear what these "other new luxury vehicles" will include. Previous reports have indicated a Lagonda-badged replacement for the aging Rapide will be added to the range, although considering the age of the rest of Aston Martin's lineup, it's a safe bet that at least some of this money will also be put towards vehicles beyond the new CUV and sedan. Scroll down for the full press release from Aston Martin. Related Video: ASTON MARTIN LAGONDA ISSUES GBP200 MILLION FUNDING FOR PRODUCT EXPANSION • Investindustrial and Tejara Capital led a further GBP200 million in investment capital in the form of preference shares • Enables production of DBX luxury crossover, building on range of iconic luxury sports cars • FY 2014 revenues of GBP468 million and adjusted EBITDA of GBP66 million announced 30 April 2015, Gaydon: Aston Martin Lagonda today announced that with the leadership of its major shareholders, it has arranged additional committed funding of GBP200 million, enabling the 102-year old luxury sports car manufacturer to develop significant new luxury models that will drive the future of the company under its strategic business plan. The additional capital investment comes in the form of GBP200 million of preference shares; GBP100 million of which were issued on 29 April 2015 with the remaining GBP100 million – already subscribed for - to be issued in the next twelve months, and will further expand the previously announced investment plan. This major investment in new luxury models is at the core of Aston Martin's strategic vision.

Weekly Recap For 5.20.16 | Autoblog Minute

Senior Editor Greg Migliore recaps the week in automotive news, including a look at the Aston Martin Vanquish Zagato, two Volvo concepts, and the FCA Jeep airbag recall.

Aston Martin DB10 based on V8 Vantage

If you looked at the new DB10 that Aston Martin revealed just a few days ago and thought as we did that it looked an awful lot like a reskinned Vantage, there's good reason for that. According to Automotive News, a reskinned V8 Vantage is exactly what the DB10 is. Instead of basing the limited-production spymobile on the new architecture it's developing and fitting it with the new engine it's sourcing from Mercedes-AMG, the DB10 is built around the same VH platform and V8 engine as the aging Vantage. Though it's evolved over the years, the VH platform dates back to the V12 Vanquish that launched way back in 2001. The second generation of that platform underpins the Vantage on which the DB10 is reportedly based, powered by a version of Jaguar's AJV8 engine that dates back to 1996. What is new about it is the design language that the new DB10 previews. More than any recent concept – like the DP-100 Vision Gran Turismo, CC100 Speedster or the most recent Zagato one-offs – the DB10 is said to embody the new direction in which Marek Reichman and his team plan to take the company's styling, moving away from the current theme it has employed for the past couple of decades. So while the DB10 you see here may not be packing much in the way of new technology, the subsequent models that will follow its lead hopefully will.