Two persons that have insider knowledge have told Reuters that the loss-making British luxury sports car maker is considering a fund raising campaign to secure much needed cash.
Aston Martin, which is currently trying to accelerate its turnover plan after it gained a new chief executive recently, is prepping the fund-raising strategy because it wants to expand into previously untapped segments – including the highly popular crossover SUV region. The sources, which asked not to be identified discussing plans that have not been made public yet, say the premium British brand – which remains one of the few specialty automakers not affiliated to a global company – is currently working on plans to issue new shares or bonds. Aiming to expand its current recovery strategy by another three years to 2020, the people said that Aston also mulls the addition of luxury sedans and hybrid models.
While Aston Martin has been for the last half century the carmaker of choice for fictional movie and book character James Bond, the brand has remained the underdog in a British luxury auto industry dominated by Tata-purchased Jaguar Land Rover. Both automakers are “next-door” neighbors in the British-style quiet Warwickshire village of Gaydon. Aston, with a continuously ageing lineup and lacking investments that would bring technical developments has sit out of the global luxury car boom that proved the luxury segment was the first to recover from the 2008-2009 worldwide economic crisis.