Aston Martin unveils £600m investment and sales drive in China
West Midlands-based luxury sportscar maker Aston Martin is targeting £600 million of trade with China on the back of its new Vantage and the company's first ever SUV.
At the same time it is pumping £20 million into opening 10 new Chinese showrooms by the end of this year. It follows 89% sales growth in China last year following the introduction of the DB11.
Unveiling the plan as it took part in Prime Minister Theresa May's first China visit, Aston Martin said it proposed a a five-year trade and investment drive worth over £600 million as part of its expansion in the world’s largest automotive market.
Aston Martin chief executive Andy Palmer, speaking in China, 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 the company’s 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 says future demand in China is expected to be enhanced this year by deliveries of the new Vantage and in 2019, with the introduction of the company’s first SUV.
The group's dealer investment and expansion programme includes a new concept city centre showroom in Beijing. By the end of 2018, Aston Martin will have strengthened its dealer network with 10 new and refurbished locations, to include showrooms in Wuhan, Tianjin, Nanjing and Ji’nan, taking the total retail footprint across China to more than 20 locations.
Aston Martin China, located in Shanghai, is further strengthening its presence in the region by opening a second office in Beijing in the coming months.
Prime Minister Theresa May said: “Thanks to the drive and innovation of UK business, backed by this Government, trade between the UK and China is already at record levels.
“This visit is an opportunity to further showcase the best of British and boost jobs and prosperity throughout the UK. I am proud to lead such a varied and strong delegation to China."
