A rush of fresh funding into the UK supercar maker means development on the company's Lagonda SUV is able to move forward

Aston Martin looks to be set for a new-model blitz following reports that it has raised $165 million - approximately £100 million - in fresh funding.

According to the Financial Times, Aston’s chief financial officer, Hanno Kirner, said the cash would “provide a solid foundation for the execution of our future product plan”. 

The loan - and the interest on it - is due to be repaid or refinanced in 2018, which suggests that the first new Aston model will be on the road in around three years’ time.

The proposed Aston Martin Lagonda SUV would be the most likely all-new model due to the continuing boom in the global luxury SUV segment. The Lagonda has recently been bought back to the front of Aston Martin's model plans thanks to its parts sharing deal with Mercedes-Benz.

While Daimler boss Dieter Zetsche has said he would be open to expanding the partnership, possibly to include platform sharing, rumours are abound that the company will instead buy Aston Martin completely. The firm already owns five per cent of the UK supercar maker.

If an extended agreement between the two companies is finalised, the Lagonda SUV is likely to be based on the Mercedes GL.

Additional reporting by Darren Moss.

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Comments
13

25 March 2014
First cash Aston gets in years, and it spends it on this monstrosity? The last Lagonda wasn't exactly a rip-roaring success but it was infinitely preferable to a posh Monster Truck.

26 March 2014
Norma Smellons wrote:
First cash Aston gets in years, and it spends it on this monstrosity? The last Lagonda wasn't exactly a rip-roaring success but it was infinitely preferable to a posh Monster Truck.
I'm afraid that there are plenty of people out there completely lacking in your sense of taste and style, Norma. I expect Aston have researched the market and haven't made the decision lightly. I mean, who'd have thought the Porsche Cayenne would be a smash hit?

25 March 2014
It would be nice to know who lent the money which, by the way, hardly pays for a blitz of new models (as opposed to new variations on existing themes).

25 March 2014
And will thus share a platform with the Jeep Grand Cherokee and Maserati Kubang.

25 March 2014
concinnity wrote:
And will thus share a platform with the Jeep Grand Cherokee and Maserati Kubang.
Well, since we've already had a micro Toyota re-badged as an Aston, I guess anything is possible.

25 March 2014
Waste money on a SUV? They should be spending money on a ground up replacements for the Existing cars, which look lovely but lack the Technology and dynamics of Ferrari, Porsche and Lamborghini. I hope Merc do buy them as they need serious funds to compete and this is loose change for the 3 pointed star.

25 March 2014
Ludicrous speed wrote:
Why oh why waste money on a SUV?
Because wealthy Arabs, Chinese and premiership footballers will be falling over themselves to buy them.

 

I'm a disillusioned former Citroëniste.

25 March 2014
Rumours can't be "now abound" - abound means to thrive or flourish. So rumours abound. You could use the gerund "abounding" as in "rumours are now abounding" but it is not the normal usage.

25 March 2014
If they expend all that sum on that ugly suv , how long will they survive? Just design a great looking ,mid engine ,British interpretation of a Lamborghini.

TBC

25 March 2014
Following the success of Porsche etc, an SUV would be the most logical step for AML, especially as they will need to make a sizable profit to pay back the loan.

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