Aston Martin Expects Big Sales in 2017By
Carmaker expects revenue to rise by as much as 37% in 2017
British marque’s fourth-quarter vehicle sales surged 48%
Aston Martin’s bet on a new $215,000 luxury coupe is paying off as surging demand for the DB11 has the carmaker projecting a revenue bump of as much as 37 percent this year ahead of a potential initial public offering.
Orders for the DB11, which debuted a year ago at the Geneva motor show, paced a 48 percent jump to 1,668 total units sold in the fourth quarter, according to a company statement Friday. The Gaydon, England-based sports car manufacturer said it expects 2017 revenues of as much as 815 million pounds ($1 billion), up from 593.5 million pounds last year.
As a rare global luxury-car brand independent of a larger automotive group, Aston Martin has been trying to return to profitability by broadening its appeal with new models and pushing into branded merchandise including strollers and luggage. In 2016, full-year earnings exceeded 100 million pounds for the first time, the company said. The sales growth will aid the British marque as it positions for a potential IPO in the coming years.
Aston Martin is aiming to bring a new car to market every nine months until 2020 and have a new car plant in St. Athan, Wales, fully operational by 2019 to manufacture its first crossover vehicle, the DBX. The timing of a possible IPO will be up to shareholders, Chief Financial Officer Mark Wilson said in June.
The DB11 is the latest in a line of models made famous by the James Bond movie franchise. The DB5 made its debut in the film “Goldfinger” in 1964, while the DB10 was used in the most recent film “Spectre” in 2015.