Aston Martin Seeks New Funding to Expand Lineup
With the Lagonda nameplate now taken by a limited production sedan, has Aston Martin scraped all plans for an SUV model?
According to a recent report, the British automaker is seeking financial assistance in order to expand its range of models, including the addition of an SUV to its lineup. The company is preparing to raise funds in hopes of turning around its sales under a new boss. It appears that Aston Martin is working on plans to issue new shares or bonds while extending its current recovery strategy by three years to 2020.
Despite luxury car sales booming worldwide, Aston Martin has struggled, selling just 4,200 vehicles last year falling far short of its all-time high of 7,300 in 2007. The fundraising is expected to generate between $156 and $234 million.
SEE ALSO: Aston Martin DB10 Revealed as James Bond’s New Ride
New CEO Andy Palmer recently unveiled the Aston Martin DB10 which will be James Bond’s new concept starring in the upcoming movie Spectre. Depending on how long it takes Aston Martin to get its SUV off the ground, it may be late to the party considering Bentley and Maserati are well on their way with Lamborghini and Rolls-Royce not far behind.
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[Source: Automotive News]
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Jason Siu began his career in automotive journalism in 2003 with Modified Magazine, a property previously held by VerticalScope. As the West Coast Editor, he played a pivotal role while also extending his expertise to Modified Luxury & Exotics and Modified Mustangs. Beyond his editorial work, Jason authored two notable Cartech books. His tenure at AutoGuide.com saw him immersed in the daily news cycle, yet his passion for hands-on evaluation led him to focus on testing and product reviews, offering well-rounded recommendations to AutoGuide readers. Currently, as the Content Director for VerticalScope, Jason spearheads the content strategy for an array of online publications, a role that has him at the helm of ensuring quality and consistency across the board.
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