Aston Martin has given the DBX crossover the green light for production following a committed investment of £200 million. The funding in the form of preference shares will allow the British sports car manufacturer to develop what it claims to be ‘significant new luxury models.’
Half of that investment has already been paid to Aston, while the remaining £100 million will be paid over the course of the next 12 months.
“This additional long-term funding, will enable us to add extra model lines and broaden our presence in the luxury market segment by the end of the decade,” said Aston Martin CEO Dr Andy Palmer. “The DBX concept, has generated interest far beyond our expectations. The additional investment announced today will allow us to realise the DBX and other new luxury vehicles that will form the strongest and most diverse portfolio in our history.”
Following the debut of the DBX at the Geneva Motor Show earlier this year, Palmer spoke to Auto Express about Aston Martin’s three-tier family; sports, luxury and SUV. “ The DBX is the third pillar, which is the reinvention of the sports car. Each of those cars has a clear customer in front of it,” Palmer told us.
The DBX will be one of three new Astons which will arrive before 2020, with a new Lagonda and DB9 replacement also set to arrive before the end of the decade. Elsewhere at Aston, the manufacturer also announce revenues of £468 million for 2014 with pre-tax profits of £66 million despite product development spending increasing by 45 per cent at the same time.