Earlier this year, Aston Martin has witnessed its shares sink as sales remained below the expected levels following a “stock market flotation”. Now the company has come out with its “first sport utility vehicle”, on Wednesday, November 20, 2019, with the hope of turning the situation to its favour.
Aston Martin manufactures sports car and has a hundred and six years’ history. Within the said time frame, the company has witnessed bankruptcy for “seven times” while it was also under “multiple owners” in the last hundred years, one of such owners happens to Ford.
At present, the majority shares of Aston are held by “Kuwaiti and Italian private equity groups”. Last year, in October, the company had listed its shares at “19 pounds” following which the prices have come down nearly by seventy five percent. One of the recent reasons for this downfall is the lower demand of its Vantage model in the European markets.
Furthermore, earlier it had also reported to have lost “92 million pounds” which equals to “$118 million” in pre-tax. However, Aston has poured money into “a new factory in Wales” for building “the new DBX SUV model from next year”. In the words of the C.E.O, Andy Palmer:
“We’re essentially holding the cost of a complete factory right now without the benefit of the revenues coming in ... so from that point of view of course it’s a really important model”.
With the hopes of encouraging more women customers to invest in its new car, Aston sought out inputs from “a female advisory body” about the design of “certain features” like “separate central arm rests and the design of the glovebox”. The first trail model of DBX has been completed while the production is due for the Q2 of 2020 as Aston hopes to see a positive boost in its sale output. Furthermore, Palmer added:
“If our volumes are slightly north of 6,000 this year, obviously you’re adding another ultimately 4 or 5,000 so it’s a big chunk of volume for us”.
References:
reuters.com
Aston Martin manufactures sports car and has a hundred and six years’ history. Within the said time frame, the company has witnessed bankruptcy for “seven times” while it was also under “multiple owners” in the last hundred years, one of such owners happens to Ford.
At present, the majority shares of Aston are held by “Kuwaiti and Italian private equity groups”. Last year, in October, the company had listed its shares at “19 pounds” following which the prices have come down nearly by seventy five percent. One of the recent reasons for this downfall is the lower demand of its Vantage model in the European markets.
Furthermore, earlier it had also reported to have lost “92 million pounds” which equals to “$118 million” in pre-tax. However, Aston has poured money into “a new factory in Wales” for building “the new DBX SUV model from next year”. In the words of the C.E.O, Andy Palmer:
“We’re essentially holding the cost of a complete factory right now without the benefit of the revenues coming in ... so from that point of view of course it’s a really important model”.
With the hopes of encouraging more women customers to invest in its new car, Aston sought out inputs from “a female advisory body” about the design of “certain features” like “separate central arm rests and the design of the glovebox”. The first trail model of DBX has been completed while the production is due for the Q2 of 2020 as Aston hopes to see a positive boost in its sale output. Furthermore, Palmer added:
“If our volumes are slightly north of 6,000 this year, obviously you’re adding another ultimately 4 or 5,000 so it’s a big chunk of volume for us”.
References:
reuters.com