Aston Martin Wants to be the Hermes of the Car World

8 years, 10 months ago - 11 December 2015, Autoblog

Aston Martin doesn't want its wealthy potential customers to perceive the brand as just another sports car maker. The company wants to transform those perceptions so that buyers see its products as luxury goods on par with high-end accessories.

If this change can successfully bring in more cash, the business could consider an initial public offering in the coming years.

"We seek to position ourselves as the automotive equivalent of Hermes, not as the counterpart of Ferrari." CEO Andy Palmer explained the change to Bloomberg, referencing the boutique French brand.

The desire to change buyer impressions comes as Aston Martin pivots away from a focus predominantly on sports cars and more towards high-performance luxury vehicles. For example, the company already has sedans in the lineup like the Rapide and Lagonda Taraf. The future range will also reportedly include an electric Rapide and another Lagonda. The production version of the DBX crossover (concept above) will add one more segment around 2019. However, Aston Martin won't completely abandon coupes because the DB11 will arrive in 2016, and a new Vanquish and Vantage will eventually follow.

For Aston Martin to have a future, Palmer believes the company needs to look in new directions, especially with models like the DBX. According to Bloomberg, execs there hope that appealing to more customers could help the business see a net profit in the next three years, which hasn't happened since 2010. To save even more money going forward, the business recently cut 15 percent of its workforce mostly from white collar employees.