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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.

Aston Martin may be forced to stop selling DB9, Vantage in US [w/poll]

There are any number of factors that are making it increasingly difficult for a small-scale, independent automaker like Aston Martin to stay competitive in today's automotive marketplace, from purchasing power to R&D capacity. But the latest factor endangering Aston's viability on the marketplace seems to be coming down to tighter government safety standards. The National Highway Traffic Safety Administration is enacting new side-impact crash regulations that require vehicles to better withstand the impact from running into a pole or tree – narrow-gauge fixed objects you're likely to find lining public streets. The standard has been phased in over the last few years, but while an exemption to the gradual phase-in was granted to low-volume manufacturers, even those automakers will have to meet the cut-off next month. And convertibles (which were granted a further extension) will have to meet them by September 2015. Unfortunately for Aston Martin, two of its core models – the Vantage and DB9 – do not pass the test. That would mean that it would have to stop selling both those model lines (which just also happen to be its oldest), but a spokesman for the brand's US dealers is petitioning the government body to grant them an exception. According to James R. Walker, chairman of Aston's US dealer advisory panel and owner of the dealership in Washington, DC, losing the V8 Vantage coupe, V12 Vantage coupe and DB9 coupe next month would cost dealers about 25 percent of its gross profits, and losing the convertible versions of the same next year would cut another 40 percent of their profits. The combined 65 percent drop in sales (assuming, of course, that sales of the recently updated but more expensive Vanquish and Rapide wouldn't rise to make up for it) would mean that many of the 35 dealers across the US would have to close, putting the 230 people who work at the dealers (and another 300 related personnel) out of work. On that basis, Walker is asking the government to grant an exemption for the DB9 through August 2016 and for the Vantage through August 2017. By then, we're lead to assume, their replacement (or replacements) will have arrived, meeting the new crash standards. We've reached out to Aston Martin for comment on the issue and will update you as soon as we hear back. In the meantime, voice your opinion on the issue in our online poll below.

Petrolicious shows a 1977 Aston Martin V8 shared by a father and son

Beyond a knack for great cinematography and skilled sound mixing, Petrolicious has a sixth sense for finding beautiful classic cars that bring families together. This time, it has turned the focus on a 1977 Aston Martin V8 that started as a son's ratty ride in high school and was later wonderfully restored by his dad. Paul Kitchen grew being surrounded by his dad, Jonathan's, classic cars, and eventually wanted to get one of his own. Paul first looked at a Chevrolet Chevelle, but Jonathan pointed his son towards an Aston Martin. Now, the two of them share this beautiful V8. The real highlight of this clip is watching this wonderful coupe snake over some wet roads over the burble of its V8. While the car's overall design was clearly European, Aston's stylists definitely had a look at some American muscle cars before picking up their pens. The result was a sublime blend of James Bond and Bullitt.