ASTON MARTIN'S 1ST LUXURY SUV
|Source: Aston Martin - DBX Debut|
Looking for a big business turnaround, British luxury carmaker Aston Martin rolled out its first, luxury sports utility vehicle (SUV) off the assembly line today. The brand is famous as James Bond 007's car of choice. The DBX SUV is priced at $189,000.
The company has been experiencing disappointing sales since 2018. The financial distress has been compounded this year by the COVID-19 pandemic. To cope, Aston Martin has cut jobs and changed top management. Since its IPO in 2018, the company's share prices has dropped 90%. Aston Martin says it is in need of funding. It's financials are blinking red.
The company is hoping that the DBX will drive them into a more profitable era. Deliveries of the SUV start later this month. The company says it has more than 2,000 orders for the vehicle. Incoming CEO Tobias Moers, from Mercedes, is counting on the DBX to boost sales, including from wealthy consumers in China.