Aston Martin has managed to secure an additional round of funding from key shareholders Investindustrial and Tejara Capital to the tune of £200 million (approximately $307 million) to develop an SUV as well as other luxury-oriented models. This is in addition to previous rounds of funding used for factory upgrades and the development of a new platform to underpin Aston Martin’s next-generation sports cars, starting with a DB9 replacement due out next year.
The SUV is said to be one of three new model lines Aston Martin is working on (another will be a high-end sedan to replace the Rapide), and will draw its inspiration from the recent DBX concept car. The investment in new models is part of Aston Martin’s Second Century business plan, which aims to return the automaker to significant profitability and keep it there. The 102-year-old automaker has already been bankrupt seven times.
“This additional long-term funding will enable us to add extra model lines and broaden our presence in the luxury market segment by the end of the decade,” CEO Andy Palmer said in a statement. “The DBX concept has generated interest far beyond our expectations; the additional investment announced today will allow us to realize the DBX and other new luxury vehicles that will form the strongest and most diverse portfolio in our history.”
A production site for the SUV is yet to be determined, with a new plant in the U.S. being looked at. Capacity at Aston Martin’s current facility in Gaydon, England is expected to reach capacity when the new sports cars and a Rapide-replacing sedan are all launched.
A possible site for the new plant is near Mercedes-Benz’s plant in Tuscaloosa, Alabama. This will make sense for logistics as many of the electrical systems and engines going into the SUV may be sourced from the German automaker. Aston Martin will also be able to gain access to an extensive supplier base and transport facilities by being located close to the Mercedes plant. Furthermore, there are rumors the new SUV may share a platform with a Mercedes model.
In related news, Aston Martin has confirmed that its revenues in 2014 were £468 million ($720 million) and that its earnings before interest and taxes (EBIT) were £66 million ($101 million).