Aston Martin Secures Funding for Sedan, Crossover

Aston Martin Lagonda Ltd. has arranged 200 million (€274 million) in new funding from its major shareholders to pay for the development of new crossover and sedan models.

The British luxury sports car company received the first half of the new capital from Investindustrial and Tejara Capital on Wednesday. The balance will be issued over the next 12 months. The infusion adds to a five-year, 400 million product development plan launched in 2012.

The company says the fresh funding will enable it to launch a production version of the DBX concept crossover vehicle it unveiled at the Geneva auto show in March. The company said two weeks ago it also will launch the Lagonda Taraf, a long-wheelbase ultra-luxury sedan, for the Chinese market. Production of the Taraf will be limited to 200 units.

Aston Martin Holdings (U.K.) Ltd. reported earlier today its revenue last year fell to 468 million (€710 million) from 519 million in 2013. The company's adjusted earnings before interest, taxes, depreciation and amortization totaled 66 million.