Losses of £34.1 million follow in the wake of Aston Martin’s Cygnet’s failure
Aston Martin makes wonderful sports cars. Given reports that the company lost £34.1 million in 2012, they should perhaps stick to that.
The company’s venture into the super-mini category with their £31,000 take on Toyota’s £12,500 iQ is described to have “failed miserably in showrooms” and we at The Steeple Times plainly were not alone in our dislike for the vehicle. Aston Martin expected to sell 4,000 Cygnets per year. They have sold just 150 to date.
Two stories to keep beside you
Messing with Morgan
The ousting of Charles Morgan from the board of Morgan is a mistake These are turbulent times for the British motor industry. Aston Martin’s disastrous Cygnet caused losses of £34.1 million, Land Rover have axed the Defender and now Morgan have removed Charles Morgan from their board.
The failure of Farage
Nigel Farage shows UKIP to be nothing but a one-man show after reneging on his promise to stand down and illustrates that all political careers do indeed end in failure also
Described as “underlining a debilitating lack of new products at Aston”, the focus on the Cygnet has indeed been a mistake. Similar vehicles produced by Mercedes-Benz and Audi were half the price and now Aston Martin have had to book a £12.6 million impairment on assets related to the car in the wake of quietly killing it off.
Warwickshire based and backed by Kuwaiti private equity group Investment Dar and Italian private equity group Investindustrial, Aston Martin thankfully may still turn things around. Mercedes-Benz are in the process of completing a non-cash deal for a seat on Aston’s board in exchange for access to their AMG engines and technical expertise. Better times are hopefully ahead for James Bond’s favourite firm of carmakers.
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2 comments
The person who thought of the Cygnet concept should be shot. How to ruin a brand and alienate people.
The perfect car Matthew for your friend Lady Meyer. Did she blag one? I do hope so. It’d suit her and her dwarf of a husband.