Aston Martin’s bet on a new US$215,000 luxury coupe is paying off as surging demand for the DB11 has the car maker projecting a revenue bump of as much as 37 per cent this year ahead of a potential initial public offering.
Orders for the DB11, which debuted a year ago at the Geneva motor show, paced a 48 per cent jump to 1,668 total units sold in the fourth quarter, according to a company statement at the weekend. The England-based luxury sportscar manufacturer, which has showrooms in Abu Dhabi and Dubai, said it expects 2017 revenues of as much as £815 million (Dh3.73 billion), up from £593.5m last year.
The DB11 is the latest in a line of models made famous by the James Bond movie franchise. The DB5 made its debut in the film Goldfinger in 1964, while the DB10 was used in the most recent film Spectre in 2015.
Growth in UK wholesale deliveries in 2015 was offset by modest declines in Europe, China and the Americas commensurate with the forthcoming launch of the DB11, said the company, without elaborating further. It did not give an indication on Middle East deliveries.
As a rare global luxury-car brand independent of a larger automotive group, Aston Martin has been trying to return to profitability by broadening its appeal with new models and pushing into branded merchandise including strollers and luggage. In 2016, full-year earnings exceeded £100m for the first time, the company said. The sales growth will aid the British marque as it positions for a potential IPO in the coming years.
Aston Martin is aiming to bring a new car to market every nine months until 2020 and have a new car plant in St Athan, Wales, fully operational by 2019 to manufacture its first crossover vehicle, the DBX. The timing of a possible IPO will be up to shareholders, the chief financial officer Mark Wilson said in June.
* Agencies
business@thenational.ae
Follow The National's Business section on Twitter
