Aston Martin to Unveil Expanded Product Plan

Aston Martin Lagonda Ltd. will use the Geneva auto show this week to tell how it will expand its lineup beyond luxury sports cars in a bid to attract younger buyers and more women, the Financial Times says.

The 102-year-old company "cannot simply rely on sports cars to be the be-all and the end-all of the company," CEO Andy Palmer tells the newspaper. Nor can it ignore women who control more than half the car-buying decisions around the world, he says.

Palmer's declaration comes as Aston Martin sales have slid from a peak of 7,300 cars in 2007 to roughly 4,000 last year, the FT points out.

Last July the company confirmed it will revive its Lagonda brand for a limited-edition ultra-luxury sedan that caters to customers in the Middle East. Aston Martin stopped selling Lagonda-branded cars 25 years ago.

Palmer hints the company also will develop a crossover-type vehicle with a higher seating position than its low-slung sports cars. He rules out a traditional go-anywhere SUV. But he says the company must extend the look of Aston Martin's current lineup to models that are "more accessible" to younger affluent buyers and less intimidating to women who "love the brand but don't buy the brand."

The FT notes that Aston Martin's major shareholders, Kuwait's Investment Dar and Italy's Investindustrial, have approved 150 million (€107 million) in new funding for the company's five-year, 500 million product development plan.