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Aston Martin banks on first SUV to drive turnaround

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11/07/2019 | 10:44am EST

Sales falling and profits wiped out...

There was little sign of relief Thursday (November 7) for British luxury carmaker Aston Martin.

The number of cars it shipped to dealers fell 16 percent in the third quarter.

Overall, it swung to a loss of 13.5 million pounds - about 17 million dollars.

Its shares have lost around four-fifths of their value since last year's IPO.

But... a saviour could be roaring down the track.

The fourth quarter will see Aston debut its first SUV - dubbed the DBX.

There are hopes it will multiply the brand's sales, with demand for such cars rising strongly.

Aston hopes to emulate the success of rival Porsche.

Known as a sportscar maker, it actually makes most of its money from off-roaders.

Now Aston is gearing up for production of the DBX.

Earlier this year it raised 150 million dollars to prepare for the launch.

But analysts still wonder if the relatively small firm has the resources to compete.

It's not part of any big automotive group, though Mercedes-maker Daimler does own a small stake.

Aston is banking on the DBX to get it out of a sticky situation.

Stocks mentioned in the article
ChangeLast1st jan.
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC -8.00% 579.6 Delayed Quote.-48.51%
DAIMLER AG -0.93% 48.995 Delayed Quote.7.72%
PORSCHE AUTOMOBIL HOLDING SE -1.04% 66.78 Delayed Quote.30.67%
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