Aston Martin has announced a £620 million trade and investment plan designed to drastically boost its presence in China.
The British car maker is joining prime minister Theresa May during her trade visit to the country this week on the back of its strong 2017, in which sales grew in China by 89%, largely thanks to the introduction of the DB11.
In a new five-year plan for the world’s largest new car market, Aston Martin will invest £20 million into its Chinese dealer network, with a new city centre showroom in Beijing becoming its crowning site.
Before the end of 2018, Aston Martin will have 10 new dealerships in China, bringing the total to 20. The company is readying its Chinese outlets for the introduction of its first SUV model, the DBX, as well as its first electric series-production model, the RapidE, in 2019.
Aston Martin CEO Andy Palmer said: “Our impressive 2017 performance in China reflects increasing demand for our new and special vehicles. The continued roll-out of our new model pipeline, including our first electric vehicle in 2019, will further improve Aston Martin’s market share in this key market, alongside investments we are making to strengthen brand visibility and sales performance.
“These investments reflect our confidence in the Aston Martin brand and the attractiveness of the Chinese market, which was our fastest growing region in 2017.”
Aston Martin expects to continue its growth in China with the addition of the new Vantage. The model, which is offered with an AMG-sourced turbocharged V8 engine, was revealed late last year.
Closer to home, Aston Martin is building a new production plant in St Athan, Wales. The site will handle production of the DBX and play a pivotal role in the development of electric technology.