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Aston Martin announces $306M in funding to build DBX, 'other new luxury vehicles'

Aston Martin has just gotten one step closer to building a crossover, as the British outfit has secured a 200-million-pound (about $306 million at today's rates) infusion of capital from its leading shareholders. The money will allow Aston Martin to develop "a new vehicle based on the DBX concept," although just how closely the production model will adhere to the concept's styling is unclear. Andy Palmer, the company's CEO, also hinted at other models being added, thanks to the funds. "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. The DBX concept has generated interest far beyond our expectations," Palmer said in the attached statement. "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." It's unclear what these "other new luxury vehicles" will include. Previous reports have indicated a Lagonda-badged replacement for the aging Rapide will be added to the range, although considering the age of the rest of Aston Martin's lineup, it's a safe bet that at least some of this money will also be put towards vehicles beyond the new CUV and sedan. Scroll down for the full press release from Aston Martin. Related Video: ASTON MARTIN LAGONDA ISSUES GBP200 MILLION FUNDING FOR PRODUCT EXPANSION • Investindustrial and Tejara Capital led a further GBP200 million in investment capital in the form of preference shares • Enables production of DBX luxury crossover, building on range of iconic luxury sports cars • FY 2014 revenues of GBP468 million and adjusted EBITDA of GBP66 million announced 30 April 2015, Gaydon: Aston Martin Lagonda today announced that with the leadership of its major shareholders, it has arranged additional committed funding of GBP200 million, enabling the 102-year old luxury sports car manufacturer to develop significant new luxury models that will drive the future of the company under its strategic business plan. The additional capital investment comes in the form of GBP200 million of preference shares; GBP100 million of which were issued on 29 April 2015 with the remaining GBP100 million – already subscribed for - to be issued in the next twelve months, and will further expand the previously announced investment plan. This major investment in new luxury models is at the core of Aston Martin's strategic vision.

Aston Martin wants to be the Hermes of the car world

Aston Martin doesn't want its wealthy potential customers to perceive the brand as just another sports car maker. The company wants to transform those perceptions so that buyers see its products as luxury goods on par with high-end accessories. If this change can successfully bring in more cash, the business could consider an initial public offering in the coming years. "We seek to position ourselves as the automotive equivalent of Hermes, not as the counterpart of Ferrari." CEO Andy Palmer explained the change to Bloomberg, referencing the boutique French brand. The desire to change buyer impressions comes as Aston Martin pivots away from a focus predominantly on sports cars and more towards high-performance luxury vehicles. For example, the company already has sedans in the lineup like the Rapide and Lagonda Taraf. The future range will also reportedly include an electric Rapide and another Lagonda. The production version of the DBX crossover (concept above) will add one more segment around 2019. However, Aston Martin won't completely abandon coupes because the DB11 will arrive in 2016, and a new Vanquish and Vantage will eventually follow. For Aston Martin to have a future, Palmer believes the company needs to look in new directions, especially with models like the DBX. According to Bloomberg, execs there hope that appealing to more customers could help the business see a net profit in the next three years, which hasn't happened since 2010. To save even more money going forward, the business recently cut 15 percent of its workforce mostly from white collar employees. Featured Gallery Aston Martin DBX: Monterey 2015 View 16 Photos News Source: BloombergImage Credit: Copyright 2015 Drew Phillips / AOL Aston Martin Crossover Luxury Performance Sedan aston martin rapide aston martin lagonda aston martin dbx

Kahn Design to reveal Aston Martin Vengeance in Geneva

The major automakers won't be the only ones with new metal to showcase in Geneva next month, so will aftermarket tuners and coachbuilders like Kahn Design. The British outfit is rolling into the Swiss expo this year with the long-awaited Vengeance, its own take on the Aston Martin DB9. We first caught wind of the Vengeance project in May – just after a similar project by Henrik Fisker was quashed. But unlike the proposed Fisker Thunderbolt, Kahn secured Gaydon's blessing in developing the Vengeance: "Aston Martin has entered into a supply agreement with Kahn Design," AML spokesman Kevin Watters confirmed to Autoblog at the time, "and will supply a very limited number of DB9s for an extensive coachbuild conversion." The design, as you can see, bears the familiar hallmarks of a contemporary Aston, but rendered more aggressive in a style that looks similar to the manufacturer's own One-77. It won't be the first such coach-built Aston Martin we've seen, but most of the others to date have resulted from a longstanding collaborative effort between the British automaker and famed Italian carrozzeria Zagato. Another recent project saw Bertone convert a Rapide into the Jet 2+2 shooting brake in a revival of the Vanquish-based Jet 2 from 2004. In a bit of a role reversal, Aston served as something of a coachbuilder itself in rebodying the Toyota/Scion iQ as its own Cygnet, having previously outsourced production of the Rapide to contract manufacturer Magna Steyr. Alongside the Vengeance, Kahn plans to display the Flying Huntsman 6x6 pickup based on the Land Rover Defender at the Geneva Motor Show. It will be joined by a customized red Range Rover and blue Range Rover Sport done up as pace cars, and a widebody Jeep Wrangler from its Chelsea Truck Company division. Related Video: