Aston Martin, the British luxury car maker, is planning a five-year trade and investment drive in China worth over £600 million as part of its expansion in the world’s largest automotive market.
The five-year plan, which follows the company’s earlier announcement of a new dealership in Wuhan, was announced by Aston Martin President and Chief Executive Officer, Dr. Andy Palmer during a visit to China by a UK business delegation accompanying British Prime Minister Theresa May.
The export and investment drive follows a regional year on year growth rate of 89% propelled by the successful introduction of the DB11.
Speaking in Beijing, Dr. 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 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.
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 has also announced a dealer investment and expansion programme in the Chinese market totaling over £20 million, to include a new concept city center 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.
Note: Press release courtesy of Aston Martin.