Aston Martin Posts First Profit in 8 Years
After eight long years, Aston Martin is finally starting to turn its finances around. The company announced on February 27 that it saw its first annual profit (before taxes) since 2010 after reportedly making $121 million in profit in 2017. This helped tide over the British sports car's reported $226 million loss the year before.
Aston Martin owes its financial turnaround to a $1.21 billion record revenue, their highest since 2008, after they enjoying a 58 percent sales increase. The British luxury sports car manufacturer attributed their huge boost in sales to their release of the DB11, Vanquish Zagato, and the Vantage GT8.
Aston Martin CEO Andy Palmer released a statement saying that they now have finally completed the financial turnaround of Aston Martin, which, he says, will enable them to "drive further improvements across the business as we maintain our new launch schedule and continue delivering on the Second Century plan."
The Second Century plan is Aston Martin's strategy that involves launching seven cars over the course of seven years. Palmer first announced the plan in 2015 after completing his first 150 days as the CEO of Aston Martin. To date, they have fulfilled their promise; they have launched the first two cars with the DB11 in 2016 and the Vantage in 2017. Aston Martin is set to launch the new Vanquish sometime this year, while the DBX SUV will launch in 2019.
This leaves three more cars in the pipeline that they have yet to release any information to the public as of yet. However, many predict that 2020 will see a mid-engine supercar, while a sedan is set to take the road for Aston Martin on both 2021 and 2022. Afterwards, Aston Martin plans on repeating the cycle with special edition models released in between.
As a result of their recent success, Aston Martin is now eyeing possibly going public looking for a major automaker as a possible partnership, or quite possibly both. Daimler, the parent company of Mercedes-Benz, currently owns a 5-percent stake within the company.