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Gloucestershire Business News

Aston Martin makes a turn for SUV market

Legendary British sports car maker, Aston Martin, has taken a swerve into the SUV market.

Its half yearly results reveal that its DBX SUVs accounted for more than half its sales.

The trend shows that the wider popularity for the chunkier sports utility vehicles is shared by buyers seeking out luxury brands like Aston Martin Lagonda.

The company, which has struggled in recent times, sold more than 1,500 of the SUVs worldwide, out of a total of 2,900.

In the UK, 40% of new vehicles sold are now SUVs, although most are significantly cheaper than the DBX price tag of £158,000. The vehicle has sold particularly well in China.

Lawrence Stroll, executive chairman, said he aimed to transform Aston Martin into one of the greatest 'ultra-luxury car brands' in the world.

He said: "Building on the success of DBX, our first SUV, we have since delivered two more new vehicles and with more exciting product launches to come we are well positioned for growth."

Longer term the group aims to sell 10,000 vehicles a year. But the company's net debt has actually grown from £751m last year to £791m this year, with a pre tax loss of £90m.

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