And yes, an SUV is very much in the cards.
Aston Martin has been losing money for years now. Despite numerous efforts, the company just couldn’t get ahead. Fortunately, things are beginning to look up. For starters, there’s that much-hyped AMG partnership that’ll see those German-engineered and built engines under Aston hoods in the very near future. And, just as important, AM has a new CEO, former Nissan exec Andy Palmer, who’s one of the coolest car guy executives in, well, forever. So how’s Palmer going to fix AM?
According to a new report, the carmaker is preparing to raise funds in order to expand its range of models into new areas. Yes, that will include SUVs. To get the dough, AM is finalizing plans to issue new shares or bonds and extend its current recovery strategy by an extra three years. By around 2020, we could very well see AM sedans and hybrids models as well. So how did AM got into financial trouble to begin with despite building beautiful and awesome cars? Good question. Basically, it had trouble in the past raising money that could be poured solely into development. AM had to make do with outdated technologies just as the global luxury car market nearly doubled in size in five years.
Simply put, it found itself left behind and had to sit back and watch competitors succeed because they could afford to develop new engines, platforms, and lightweight components. AM’s goal now is to generate some $156 million to $234 million in the near future. Spend wisely.