Luxury automaker Aston Martin has not yet seen a slowdown in its major markets and intends to more than double the number of cars it produces by 2025, its CEO said on Sunday.
The British automaker, whose sports cars appear in James Bond films, is on way to produce 6,400 vehicles this year regardless of the pressures of slowing Chinese demand and concerns over the impact of Brexit.
The company is looking to manufacture 14,000 cars by 2025 with the amount of the company growing four-fold from what it was in 2014, stated CEO Andy Palmer.
It will also become a highly profitable company, he stated.
In last year, Aston Martin made a pre-tax profit of 87 million pounds ($111 million), its first yearly pre-tax profit since 2010.
“The rich are getting richer, they want more personalization,” Palmer informed Reuters in Abu Dhabi on the sidelines of the Abu Dhabi Grand Prix where the automaker is the title sponsor of the Red Bull Formula One team.
“On the other hand, the car industry is getting more and more commoditized due to technology,” he added.
Palmer rejected the notion that there was a slowdown in major markets. In the year-to-date the company saw turnover increase 185 percent in the U.S; 133 percent boost in Asia-Pacific and 118 percent boost in China, he stated.
“The retail part is not in dispute. China was slow, but not for us,” he stated.
The company is positive about achieving higher profits in this year over last year minus the one-off expenses such as those related to its initial public offering in October.
