Aston Martin chairman Lawrence Stroll is working with Saudi partners to electrify more of the company's models. Photo: Mark Thompson/Getty Images
Luxury car maker Aston Martin plans to quadruple its profits over the next five years as it pushes ahead with plans to increase sales of electric vehicles and limited edition models.
The company has set itself a goal of aim to double its sales to £2.5bn by fiscal 2028 and increase adjusted earnings to £800m over the same time period.
Under executive chairman Lawrence Stroll, the business has limited the number of cars it sells to dealers to keep demand, and therefore prices, high. The company said the trend will help boost margins for its vehicles by up to 40%.
In addition to popular SUVs, the company plans to sell more limited-edition vehicles, including one that will be released for its 110th anniversary this year . year. These cars usually cost over £1 million.
The only V12-powered Victor with a manual transmission, released in 2021, sold for between £4 million and £5 million.
Its Valhalla hybrid model will take the company into a new mid-engined market and is expected to sell for around £700,000 plus tax with deliveries starting next year.
The company said on Monday that she sought to adopt the comfort of a Rolls-Royce and the performance of a McLaren or Ferrari for her next series of models in order to squeeze higher prices out of customers.
Mr. Stroll said: “I am very proud of the major industrial revolution we have completed over the past three years, which has completely reshaped this iconic company.”
CFO Doug Lafferty said the focus for Aston will be to «make sure the balance is secure». The company said it aims to become «sustainably» cash free.
Mr. Laffety said: «I think the actions taken over the past 12 months mean that we have made significant progress on this.»
The sales target comes as Aston paves the way for the electrification of its fleet. By 2025, the company plans to launch its first mainstream all-electric vehicle. Earlier this week, the company announced a £182m deal with U.S. luxury electric vehicle company Lucid.
Under the deal, Aston will buy battery systems from Lucid, a company backed by Saudi Arabia. Lucid will also receive a 3.7% stake in Aston.
Mr Lafferty said the deal means Aston can supply what it needs to end its dependence on gasoline at a fraction of the cost.
He said the rivals had «spent billions». «We're spending a couple of hundred million dollars to get access to this,» likening the deal to a «library card» to give the business as many parts as it needs.
The binding follows this. about the collapse of Britishvolt, the independent British gigafactory with which Aston had an early agreement. Ultimately, no firm orders were agreed with Britishvolt.
Aston has already received support from Saudi Arabia, with the Saudi Arabian Public Investment Fund (PIF) participating in a £575 million rights issue last year to help the automaker pay off its debts.
PIF is currently Aston's second largest investor behind the consortium of Chairman Mr. Stroll.
Mr. Stroll's Yewtree Consortium holds a 20.3% stake in Aston, while PIF holds a 17.2% stake.
Chinese automaker Geely owns 17%, while Mercedes, which supplies the company with some of its engineering technology for combustion engine vehicles, owns 9%.
A deal that brings Aston closer to PIF , comes at a time when Saudi Arabia is seeking to diversify its activities away from gasoline and invest some of its oil wealth in new technologies before this fuel is banned.
Until recently, PIF also owned shares McLaren — only sold them to Bahrain's state-owned investment fund in recent days.
Other Saudi companies also strongly support electrification, including the investment company Abdul Latif Jameel, founded by the late Sheikh of the same name, who was one of the first investors in Rivian , an American electric truck maker, and remains one of its largest investors.
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