Investment by the iconic brand, in a new range of new luxury cars helped to bring further losses on the Aston Martin balance sheet. Despite a positive increase in revenues, £510 million(8.5% up) and a further 4% increase of sales to 3,615 units. The brand still made a loss with £161 million spent on product development and committed a further £200 million towards a brand new production facility in St Athan, Glamorgan, South Wales due to open in 2018.
Aston Martin’s Chief Executive Andy Palmer, was recently quoted in the Financial Times as saying the resulting losses would not affect the top mark manufacturer from continuing the plan in Wales.
He also said that the resulting British vote to leave the European Union will not affect the project as none of the money is funded by the EU.
Last year the British Brand took a decision to shed 300 jobs as part of a cost cutting exercise to further aid its plans for the future.
Aston Martin, currently in the middle of a complete overhaul of the model line up will use the new facility in Wales to focus on the new DBX crossover model.
This investment for the future will see the brand capitalise on the growing demand for luxury crossovers from the worlds markets including China and the United States. Aston Martin, believe that up to 90% of the new DBX volumes will be shipped out to the rest of the world.
The existing operation in Gaydon, Warwickshire will focus on the new DB11 and a fully electric Rapid E is planned for 2018.