Aston Martin Expands Growth Targets

Aston Martin Lagonda Ltd. plans to more than double its annual vehicle production from an estimated 6,400 units this year to 14,000 by 2025, CEO Andy Palmer tells Reuters.

The carmaker previously has targeted annual sales of 10,000 units in 2020. The additional growth is expected to be led by the all-new DBX crossover vehicle and Rapid E electric sports car, both of which are due late next year. The carmaker also plans to relaunch its high-end Lagonda sub-brand.

Palmer notes that Aston Martin has continued to grow in key regions in 2018 where overall car sales have slowed. Aston Martin’s sales volumes this year have more than doubled throughout Asia-Pacific markets and have nearly tripled in the U.S.

Declaring the “rich are getting richer,” Palmer says luxury car buyers worldwide want more options and personalization.

The company also expects to be more profitable this year, excluding one-time costs related to last month’s initial public stock offering. In 2017, Aston Martin made a pre-tax profit of £87 million ($111 million), its first annual pretax profit since 2010. Aston Martin’s revenues zoomed to a record £282 million ($359 million) through the first nine months of 2018. Adjusted earnings before interest, taxes, depreciation and amortization soared 93%.