Aston Martin has ambitious plans to continue its growth well into next decade. The British luxury brand, which went public last month, plans to double its current production figures by 2025, CEO Andy Palmer said.
The brand's first SUV, the DBX, should contribute a healthy margin to the doubled production figures. Aston Martin is on track to build 6,400 cars this year. That would peg the target figure at almost 13,000 vehicles in 2025.
Palmer told Reuters in a Sunday report that Aston Martin has not seen the same slowdown in many markets that other automakers have complained of. Sales in the United States have begun to plateau and in China, the world's largest auto market, many brands have witnessed major dips.
Net sales in the U.S. and China for Aston Martin have increased by 185 percent and 118 percent, hesaid. He added, the "rich are getting richer" and buyers want more options and personalization when it comes to their luxury vehicles. Aston Martin wants to cash in on those desires with an expanded range of vehicles. That will truly kick into gear with the DBX SUV's launch in late 2019.
2020 Aston Martin DBX prototype
The DBX will ride on a brand-new platform and be assembled at a new production facility in Wales. The St Athan plant is currently under construction, but it will begin production of its first vehicle next year: the Rapide E electric sedan. Eventually, the plant will hire more than 700 workers when DBX production ramps up in 2020.
When the SUV does debut, look for a 4.0-liter twin-turbocharged V-8 as the standard powertrain with a hybrid option to follow. The proposed plans to build the DBX as an electric SUV were shelved earlier this year in favor of reserving EV powertrains for the revival of Lagonda as Aston Martin's ultra-luxury alternative to Tesla.