Classic British Car Brand Set To Double Output

Tue 27th Nov 2018

More commonly associated with the double O of 007, Aston Martin is now set to double the O, as in output after announcing ambitious expansion plans.

Speaking in an exclusive interview with Reuters this week, the company’s Chief Executive, Andy Palmer revealed the company is aiming to grow to four times the size it was in 2014.

In what is considered to be a tricky market for UK manufacturers, Aston Martin appear to be thriving. Currently on target to produce 6,400 vehicles in 2018, the company has an ambition to manufacture 14,000 cars per year by 2025, despite a slowdown in the Chinese market and the unknown impact of Brexit.

Speaking at this weekend’s Abu Dhabi Grand Prix, Palmer was in bullish mood when discussing the prospects for the classic British brand. He said: “The rich are getting richer, they want more personalization. On the other hand, the car industry is getting more and more commoditized because of technology.”

Aston Martin’s sales figures in the key US and Chinese markets show real strength, with turnover growing 185 per cent in the US, compared to 118 per cent growth in China.

“The retail part is not in dispute. China was slow, but not for us,” he said.

“If you focus on EBITDA, then yes we obviously will see growth. Excluding one-off costs, last 12 months, it all looks very healthy.”

EBITDA, which financial speak for earnings before any deductions such as taxes, doubled to £207m for the company and with Aston Martin floating on the stock exhange and soon to announce a first ever SUV, the future certainly looks bright.