LONDON (Brand Republic) – Aston Martin, the Ford-owned British luxury-car maker, has unveiled plans to build a luxury sports car which is being positioned to compete with Ferrari.
Around 3,500 Aston Martin minis a year are expected to be built, matching Ferrari’s production volume. The new model will be priced between £60,000 and £90,000, providing a less-expensive option to existing Aston Martins, the least expensive of which carries a £90,000 price tag. Rollout of the new model is anticipated in three to four years.
The announcement boosts the importance of the UK in the luxury-car market, despite the strong pound. Ford’s other luxury-car firm, Jaguar, has already began construction of a mini Jaguar and production of Volkswagen’s Bentley is increasing. BMW has also announced plans to expand the Rolls Royce brand when it takes over the name in 2003.
Ford is opening a new 900-acre Aston Martin plant in Gaydon, Warwickshire, which will include an R&D centre, where the new car will be made. Around 400 jobs will be created. Ford has invested £600m into the luxury-car business since it took control 13 years ago.
Aston Martin is also set to launch a £225,000 V12 Vanquish model. The car has an aluminium and carbon-fibre body and is said to be capable of nearly 200mph.