Famous for being James Bond’s preferred car, Aston Martin is trying to recover from falling demand in the European markets.
Aston Martin DBX. (Image source: Aston Martin)
Aston Martin, which has seen its share price plunge this year as sales failed to meet expectations after a stock market flotation, launched its first sport-utility vehicle on November 20, hoping for a turnaround in fortunes. The sports car maker, famed for being fictional agent James Bond’s car of choice, has gone bankrupt seven times in its 106-year history and has had multiple owners over the last century including Ford. Now largely owned by Kuwaiti and Italian private equity groups, Aston listed in October last year at 19 pounds per share but that has since plunged by around 75 per cent, hit most recently by falling demand in Europe and for its Vantage model.
The firm, which reported a pre-tax loss of 92 million pounds ($118 million) in the first nine months of the year, has ploughed money into a new factory in Wales which will build the new DBX SUV model from next year. “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,” Chief Executive Andy Palmer told Reuters earlier this month.