Aston Martin announces $306M in funding to build DBX, 'other new luxury vehicles'
Fri, May 1 2015
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. 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. With the addition of new model lines, the company's strategy will help drive future growth, always ensuring that Aston Martin builds the world's most beautiful cars that deliver true sporting ability with passion and refined luxury.
Aston Martin Lagonda CEO Dr Andy Palmer commented: "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." continued Palmer.
Separately, Aston Martin Holdings (UK) Limited today announces results for the 12 months ended 31 December 2014. In 2014 the company delivered full year revenues of GBP468 million and adjusted EBITDA of GBP66 million whilst simultaneously increasing its product development spend by 45%. In 2015, the company 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.
• 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. 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. With the addition of new model lines, the company's strategy will help drive future growth, always ensuring that Aston Martin builds the world's most beautiful cars that deliver true sporting ability with passion and refined luxury.
Aston Martin Lagonda CEO Dr Andy Palmer commented: "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." continued Palmer.
Separately, Aston Martin Holdings (UK) Limited today announces results for the 12 months ended 31 December 2014. In 2014 the company delivered full year revenues of GBP468 million and adjusted EBITDA of GBP66 million whilst simultaneously increasing its product development spend by 45%. In 2015, the company 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.
By Brandon Turkus
See also: Xcar takes us behind the scenes of Aston Vantage video shoot, Aston Martin considering US plant for DBX production, Aston Martin's next DB gets its bodywork on.