Automaker regains footing even before it launches an SUV
Until recently, Aston Martin suffered losses as a result of a lack of new models. But this year, Aston Martin is exiting survival mode, and is on track to post its first annual profit since 2010. The automaker is still in the beginning stages of rolling out a barrage of new vehicles as called for under the Second Century Plan.
In the first nine months of the year, Aston recorded a pre-tax profit of 2.2 million pounds, or roughly $29 million. It sold 3,330 cars, an increase of 65 percent. It lost 124 million pounds during the first nine months of 2016.
Aston Martin recently unleashed a bold plan to launch seven models in seven years. The DB11 was the first all-new car Aston launched in more than a decade.
When asked by Reuters about whether or not Aston will be profitable this year, CEO Andy Palmer said, “It’s our intention to be.”
“Our strong financial performance and continued profitability reflects the growing appeal of our high-performance sports cars, with the new DB11 Volante and a new Vantage expected to stimulate further demand in the coming year,” he also said.
Just this week, the automaker unveiled the stunning new Vantage. With this new model, Aston’s output will reach 7,000 sports cars by 2019, the highest level in a decade.
Under the Second Century Plan, the automaker will also launch a new Vanquish, a highly anticipated DBX crossover, two Lagonda-badged sedans, and a mid-engine sports car to rival the Ferrari 488.
Source: Reuters