Aston Martin is officially throwing its hat into the high-end luxury crossover ring. The automaker’s raised $300 million dollars to help make its DBX crossover concept a reality. How did it do this you ask, why by selling quite a few company shares to two private equity funds that already own chunks of the company. The $300 million also proves Aston Martin is serious about its plans to revamp every car in its lineup in the next five years.
“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,” says Aston Martin’s CEO Andy Palmer, “The additional investment announced today will allow us to realise the DBX and other new luxury vehicles that will form the strongest and most diverse portfolio in our history. Our shareholders have shown their strong commitment and confidence in the management team to execute the strategic plan.”
The DBX all-electric crossover debuted as a concept at the Geneva Motor Show this past March. It will be able to seat four real-size adults, have a higher clearance, all-wheel-drive, and plenty of storage for functionality. The all-electric concept also is designed without an engine compartment, but rather relies on hi-tech lithium sulphur cells that generate electricity for the motor.
“I asked my team at Aston Martin to expand their thinking beyond conventions, to explore what the future of luxury GT motoring would look like in years ahead, and the DBX Concept you see before you is the result,” said Palmer at the concept’s debut.
The cash influx comes at a pivotal time for the automaker. According to Automotive News, Aston Martin lost about $55 million in 2013 and $41 million in 2012. So it will need the money to do what it’s announced it will do, and that’s overhaul the lineup. Aston Martin says it will revamp is current lineup by 2020 in what Palmer calls the “Second Century Plan.” The first cars that are expected to be replaced are the DB9 and the Vantage. There are also plans to create a long-wheelbase luxury sedan that will target the hot chauffeur Chinese market.
Expect the DBX to arrive overseas by 2019.