Despite posting its first profits in eight years, Aston Martin is looking for a “big brother” partner.
Looking to continue as a low-volume, luxury automaker, the British automaker recognizes that autonomous vehicles are coming. Speaking to Automotive News, CEO Andy Palmer said Aston Martin could use a combination of capital raised from an IPO and a partnership to ensure it stays on top of the autonomous driving curve. But the focus for the brand is finding a partner it can work with. “We are making a new kind of a company, a company that can survive on 7,000 to 14,000 very highly priced, very profitable cars a year, but it can survive because of its partnerships,” said Palmer. “It can be very profitable on that 7,000 to 14,000 cars a year but only by having a big brother that can help it out.”
SEE ALSO: 2018 Aston Martin DB11 V8 Review
Unlike other major automakers that are part of larger groups, such as Lamborghini and the Volkswagen Group, and Ferrari with Fiat Chrysler Automobiles, Aston Martin is essentially on its own. Mercedes-Benz owner, Daimler, does have a five-percent stake in Aston Martin, and both automakers have a partnership to developer self-driving technologies. Palmer acknowledged, however, that more industrial backing is necessary to stay ahead in the technology.
Aston Martin is forecasting another gain in earnings this year, as it looks towards new products that will compete in popular segments. The DBX crossover and a new electric car are both due next year, while Aston Martin is also working on three new models, two of which are luxury sedans aimed at helping revive the Lagonda brand. Last year, the automaker sold over 5,000 units for the first time since 2008, marking nearly a growth in 50 percent in sales.
[Source: Automotive News]
Discuss this story on our Aston Martin Forum