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The British luxury sportscar manufacturer says it has not seen a slowdown in its key markets and plans to double production by 2025.
Andy Palmer, CEO, Aston Martin, said the carmaker’s output target this year is of 6,400 vehicles despite the challenges of a slowing Chinese demand and the possible impacts of Brexit. Aston Martin is also planning to manufacture 14,000 cars by 2025. According to Palmer, the Company has grown by four-fold from since 2014. "The rich are getting richer, they want more personalisation," Palmer told Reuters. “On the other hand, the car industry is getting more and more commoditised because of technology,” he added.
The UK based luxury sportscar maker, which reported a rise in Ebitda of +3% to £43.7 million (US$58.84 million) in the first quarter of 2018, says it is on track to launch its new sport utility vehicle (SUV) in late 2019. The Company is targeting existing Aston Martin customers and, according to Palmer, the demand for SUV’s in the Middle East North Africa (MENA) region was similar in size to China.
Aston Martin’s new production facility located in St Athan, South Wales, is expected to see the Company’s first SUV coming out of production end of 2019. The plant is to become the carmaker’s ‘Home of Electrification’ when the marque’s planned BEV models enter production. Read more here.