March 04, 2024 – Despite experiencing a surge in its average selling price to a record-breaking £213,000 (approximately 1.94 million Chinese yuan) due to high levels of personalized customization, Aston Martin has stated that it has no intention of entering the luxury car market.
Previously, under the leadership of former CEO Andy Palmer, Aston Martin had plans to introduce luxury models and attempted to create an all-electric Bentley competitor through the revival of the Lagonda brand. These plans included the launch of a super sedan and an SUV, which were both unveiled as concept cars in 2018 and 2019 respectively.
Palmer had targeted these vehicles at “tech entrepreneurs, people who drive Teslas,” rather than traditional Bentley and Rolls-Royce customers. He added that while they belonged to the same high-net-worth demographic, they were “not the same customer.”
However, following Palmer’s departure in 2020, the Lagonda project fell into silence and was reportedly shelved. Instead, the company invested in the launch of existing Aston Martin sports cars, the DBX SUV, and the development of the Valkyrie hypercar.
Current Chairman Lawrence Stroll has stated that he has no plans to take Aston Martin into the luxury car market. “We believe that our existing sports cars and SUVs are already luxurious enough, so we won’t consider introducing models that are less powerful and more focused on luxury,” he said.
Stroll emphasized that the company has been able to effectively meet this market demand, “especially now that we offer a full range of models with even higher levels of personalization,” and has opened ultra-luxurious “Q” dealerships worldwide.
Regarding the Lagonda project proposed by the “previous management,” Stroll confirmed, “That idea has been completely shelved and has no connection to our electric vehicle plans.”
Nevertheless, Aston Martin remains committed to its electric vehicle rollout plan, with the first model being a high-performance four-motor GT sports car scheduled for release in 2026.
