UK-based luxury sports car maker Aston Martin Lagonda Global Holdings p.l.c. (OTC: AMGDF) launched its first sports utility vehicle at a formal event in Beijing on Wednesday.
Aston Martin has completed the first trial build for the new SUV model named DBX, the company said in an official statement after the event. The production is taking place at its new factory in Wales.
The century-old luxury brand has priced the DBX from $189,900 onwards in the U.S. It will start delivering the orders from the second quarter next year.
“I can’t emphasize enough how incredibly exciting and significant DBX is for Aston Martin. Through its development alone, this beautiful SUV has already taken the company into new territories and in inspiring directions,” the company’s President and Group CEO Andy Palmer said in the statement.
A Hope For Bigger Profits
Aston Martin has been struggling to make financial growth since last year, as its initial public offering failed to go as well as the stakeholders had hoped.
The Gaydon-based company’s shares were down 75% by August, as reported by Fortune.
Aston Martin posted a 57% drop in operating profits in the third quarter that ended in September on a year-on-year comparison.
According to Reuters, the company’s total pre-tax loss for the first nine months this year are $118 million.
Aston Martin is hoping that the SUV will help overturn its fortune.
“If our volumes are slightly north of 6,000 this year, obviously you’re adding another ultimately [4,000] or 5,000 so it’s a big chunk of volume for us,” Palmer told Reuters on the expectations from DBX.
Aston Martin’s shares closed 6.29% lower at $571.30 at the London Stock Exchange on Tuesday. The stock closed 3.10% lower at $6.25 in the OTC market.