Business World

Sunday 18 August 2019

Aston Martin pins hopes on new SUV

Waning demand in the UK and Europe has left Aston Martin’s stock valued at a quarter of its initial public offering price just 10 months ago (stock photo)
Waning demand in the UK and Europe has left Aston Martin’s stock valued at a quarter of its initial public offering price just 10 months ago (stock photo)

Ma Jie

Aston Martin Lagonda CEO Andy Palmer says the company's first sport utility vehicle (SUV) arriving later this year will be crucial for the British luxury carmaker, which is trying to revive sales growth.

The DBX will add about 4,000 units to annual deliveries after its launch in late 2019, he told reporters in Tokyo. The automaker cut its overall sales target for this year by 11pc last month to a minimum of 6,300 cars. The DBX will be the biggest step yet in Mr Palmer's campaign to win over buyers and regain investor confidence.

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Waning demand in the UK and Europe has left Aston Martin's stock valued at a quarter of its initial public offering price just 10 months ago. "The key, of course, is DBX," Mr Palmer said.

"When you see DBX, when you hear DBX and when you drive DBX, it should shout Aston Martin at you."

He did not rule out raising more funding, should it need to replenish its cash pool.

Bloomberg

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