Luxury car maker company, Aston Martin, is expected to ramp up its production output, doubling the rate by the year 2025 amidst the firm's apparent loss of shares in one of its key markets, its chief executive announced on Sunday.
According to the industry-focused publication, The Drive, the Gaydon, United Kingdom-headquartered company is looking at a production target total of 6,400 cars before the end of the year.
Big boss Andy Palmer further said that the firm is aiming to push out 14,000 units per year by 2025. In order to accomplish this feat, Palmer stated that Aston Martin would not only have to double but to quadruple its size of operation from what it was way back 4 years ago. This would only be the way for the heritage car brand to remain, let alone, increase its profitability.
A Slowing Demand
As reported over at Reuters, the sports car maker will have to push through with its expansion plan despite the fact that the demand for Aston Martin marquee products is steadily decreasing in the Chinese market. Adding more the worry is the apparent impact of the UK parliament's decision to get on with Brexit.
Interestingly, in an interview with the news agency, Palmer clarified that when looking to the year-to-date sales growth of the company, its turnover growth remains impressive such that it registers close to 200 percent increase in the US, 133 percent in Asia-Pacific, and 118 percent growth in China alone.
The Brexit concerns, on the other hand, seem likely to stifle the momentum. Obviously, things will change for the UK with regards to its trade and economic relations to the rest of the EU given that the bloc yet has to sign approval on London's plea to retain its full trading privileges with the other member-states.
Regardless, Palmer remains confident that Aston Martin will achieve its high target profits in 2018, compensating last year's slight dip minus the one-off costs like the one related to the company's decision to put up the firm's IPO (initial public offering) in October.
By late 2019, Aston Martin is slated to unveil its newest sports utility vehicle (SUV) which, according to Palmer, the release of which is betting on existing customers who have an SUV in their possession.
The CEO added that things are looking great for the new product line especially in the Middle East North Africa (MENA) region wherein the demand for SUVs is quite high, with rates closely comparable to that of China.
