By Alisha Singhal
The British luxury car maker, Aston Martin is set for the launch of its new car, the Aston Martin DBX, a Sports Utility Vehicle (SUV), in 2019. It is the first of its kind and will be an initiation into the SUV luxury car segment. It is set to compete with other 4×4 luxury cars like Bentley Bentayga, Lamborghini Urus, Maserati Levante, top-end Range Rovers and Porsche Cayennes.
Aston Martin’s ups and downs
This entry is expected to be a turnaround for the company which has faced its fair share of financial difficulties in its 104-year-old history. The company has been dealing with losses since 2011. However, it posted a profit of £5.9 million for the first time in the decade. The Chief Executive Officer (CEO), Andy Palmer hopes to push this figure up by 30% with models, DBX and Lagondas having a major role to play in this.
The plan to come up with a DBX was in the mind of Andy Palmer before he joined the company in 2014. He kick started this project on the fourth day of his joining. According to him, coming out with an SUV was a must if Aston Martin hoped to survive.
First pieces of Aston Martin DBX
DBX model was first showcased in Geneva in 2015 as a two door and four-seat model. That concept has, of course, changed dramatically, now that is a four-door car. However, the fundamental aspects of the car still remain intact. At Aston Martin, the design remains the primary focus. They would never trade beauty with anything in the world. The carmakers know that to achieve their goals of making a designer luxury car to deliver the utility that consumers expect from a luxury SUV, it has to find ways to achieve it.
This line of thinking directly stems from the brands internal transformation knows as the Second Century Plan, as explained by the companys Chief Financial Officer Mark Wilson at a conference earlier this year. This plan came from the brands promise to make beautiful cars with impeccable design while being exclusive. Aston Martin wishes to become a self-sustaining luxury brand, rather than just a car manufacturer. This will be achieved by acting on the strategies of business stabilisation, core strengthening and portfolio expansion.
Diversification for Aston Martin
Business stabilisation phase was spread over from 2014-2016, with changes in key leadership positions. The on-going phase of the carmaker is now core strengthening, which is due to be completed in 2018. There has been the launch of DB11 since then and now the all-new Vantage is to be launched in 2018. Diversification into different car segments and expanding its portfolio are some of the major tasks that company has undertaken. This is coupled with a shift from focussing just on the marketplace to bringing innovation in their car models.
The company finally did witness profits in 2017. It is highly optimistic its entry into the SUV car development and segment phase. The Aston Martin DBX will a much-awaited launch from the house of Aston Martin.
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