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Aston Martin eyes US market for growth

Aston Martin chief executive Andy Palmer is sitting in a rustic Tuscan villa on a sweltering summer night, but his mind is thousands of miles away. He's ruminating on the United States, a lucrative market that could secure Aston's future as an automaker that has proved elusive for decades. The reason? Aston has an identity crisis. Sure, Americans know what Aston Martin is. Mostly. Palmer compares it to the British game of cricket. Many Americans have heard of it. They might even have a vague notion of what it is, but that's about as far as things go. It's the same with Aston. Candidly, Palmer places the blame squarely on his company, admitting Aston executives have been complacent about America. "We've got some work to do in the United States. I think we have assumed that you guys get it because you speak our language," he told a group of mostly US journalists at the launch of the 2017 DB11. That ends now, Palmer said, and Aston's plan to fix the problem will come into sharper focus with the launch of the DBX crossover for 2019. The utility vehicle was designed for an American buyer because the US market is SUV heavy. The target consumer? Someone named Charlotte, a 42-year-old from Southern California. Palmer describes her as someone who wants an elevated ride height and functionality. "She's looking for that safe, secure feeling," Palmer said. The company is adding 750 people and building a factory in Wales to produce the DBX. The site will be able to make 7,000 units annually, which dovetails with Aston's goal of making 7,000 sports cars per year. It's an ambitious plan for a company that made 3,615 cars in 2015 and posted an operating loss. This potential growth is still a few years off, meaning the brand's new DB11 must be a success. Early signs are trending well, and Aston had taken 2,000 orders by the end of June. After that, the company will redesign the Vanquish and Vantage and add the usual open-top variants. Aston's investors have already funded the sports cars and the DBX, and product development spending rose 40 percent in 2015. Aston's ownership group includes a Kuwaiti consortium, Italian backers, and a minority stake held by Daimler, which provides technology like infotainment and V8 engines. In total, Aston plans seven new vehicles in six years.

Geely in talks to take a stake in Aston Martin

China’s Geely Automobile Holding held talks with Aston Martin management and investors as it considers investing into the British luxury carmaker, the Financial Times reported on Friday. Geely is conducting due diligence as it looks at taking a stake in the 107-year-old UK firm, which warned earlier this week its 2019 profits would by cut nearly in half due to weak European markets. Another report out today said that Aston had canceled its RapidE electric car because of its financial situation. Geely owns controlling stake in another British car company, Lotus, and also the London EV Company, which makes London cabs. It also owns Volvo and a nearly 10% stake in Daimler. Aston Martin was not immediately available for comment. Geely did not immediately respond to a request for comment.  Related Video:     Earnings/Financials Green Aston Martin Geely

1965 Aston Martin James Bond DB5 nets record $6.4 million at auction

Remember we told you how an original James Bond-spec Aston Martin DB5, used as a promotional vehicle for the 1965 Bond film “Thunderball,” was headed to auction? The one equipped with gadgets including a bulletproof rear glass shield, smoke screen and so forth? Well, the car just sold at RM SothebyÂ’s “Evening with Aston Martin” sale at Monterey for a final, record-shattering price of $6.385 million. ThatÂ’s after receiving an initial estimate of $4 million to $6 million. 1965 Aston Martin DB5 'Goldfinger'-spec View 30 Photos Also at Monterey, a DB5 Shooting Brake from the same model year, though not equipped with James Bond gadgetry, auctioned for a cool $1.765 million. It was one of just 12 ever built, and among only four built with a left-hand drive. It was expected to fetch $1 million to $1.4 million, so it was a good week for Aston, old chap. The Bond car was one of two 1965 DB5s commissioned by Eon Productions, the British film company, and used as promotions for “Thunderball.” Neither were used on screen, but they received all the gadgets from the film, installed by Aston Martin and built to actually be used and be reliable. In addition to the gadgets mentioned above, there are bumper overriders, front guns (!) and an oil slick dispenser, plus toggle switches, weapon drawer and tracking screen. 1965 Aston Martin DB5 Shooting Brake View 20 Photos RM SothebyÂ’s had previously sold the car in 2006 for $2.09 milling, but it then went through a complete restoration, including the gadgets, that was completed in 2012. Aston Martin last year announced it would be building continuation versions of the Bond 1965 DB5.