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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 says Alabama is 'obvious choice' for US plant

Aston Martin is gearing up to be the next foreign automaker to build an assembly plant in the United States – and it looks like it'll be in Alabama. Speaking with Automotive News Europe, company CEO Andy Palmer said that he and his team will make a decision on the prospect of building its second factory, and that the Yellowhammer State was the "obvious choice" for its location. The possibility first came up on our radar last month, after Aston reportedly held discussions with representatives of state governments in the South. The plant would be earmarked to handle production of the DBX. Slated to be the company's first crossover, it was previewed in concept form at the Geneva show in March. "Our principal customers will be in the United States and China," Palmer said to ANE. However, the US would apparently be preferable to building a plant in China, from which it would be more difficult to export vehicles to other markets and where Aston would need to form a joint venture with a local manufacturer. The prospect of building its plant in the same state where Mercedes builds its SUVs would offer certain advantages as well: Aston has inked a deal with the German automaker to supply some systems and components. The British automaker has also long-been rumored to be considering building a crossover based on the same platform as the GL-Class (soon to be redubbed GLS), although that may or may not take the form of the DBX. Aston Martin is working toward ramping up production from the 4,000 units it sold last year to as many as 15,000. "If we went to three shifts" at the current plant in Gaydon, said Palmer, "we would be at 15,000 a year, so theoretically we could do it but you'd have no room for stoppage for maintenance. Related Video:

Aston Martin to open test center at Silverstone, British racing's Mecca

LONDON — Aston Martin will open a test and development center at Silverstone, the home of British Formula One racing, as the luxury carmaker continues to expand ahead of a possible stock market offering. James Bond's car brand of choice is undergoing a turnaround plan designed to boost its model lineup, quadruple volumes and produce its first sport utility vehicle at a new plant in Wales. The firm, which sponsors the Red Bull Formula One team, said its Silverstone site would open in October and employ 60 people. Many Formula One teams have been based close to Silverstone in central England, leading the area to become known as motorsport valley. Silverstone hosted the first Formula One championship race in 1950. "The company is now investing for growth across the Aston Martin and Lagonda brands," said Chief Executive Andy Palmer in a statement, also announcing the opening of a central London office. Aston said the new locations would help increase the firm's total workforce by over half to 5,000 by the end of 2022. After six years of losses, Aston Martin swung to a pretax profit in 2017, and the company has said it is considering a stock market IPO, which sources have told Reuters could come as soon as this year. Reporting by Costas PitasRelated Video: