Aston Martin is attempting to raise funds in order to expand its range of models into new areas, like crossover SUVs, as the sports car automaker steps up its turnaround efforts under a new boss.
The British company is working on plans to issue new bonds or shares and extend its current recovery strategy by three years to 2020, a source told Reuters. Adding luxury sedans and possibly hybrid models are featured in its plans.
"It's an expansion from the current model range," one source said, speaking anonymously because the "matter isn't public."
James Bond's automaker of choice is the underdog in a British luxury auto industry dominated by Jaguar Land Rover.
The company has missed out on the rise of luxury cars that aw the global market nearly double since 2009, according to Reuters. Last year, Aston Martin sent out 4,200 cars, below a pre-financial crisis peak of 7,300 in 2007.
Aston Martin is "examining" debt, or equity-raising options to finance a bigger plan, the sources added. More cash will be freed up by more efficient management of working capital like parts and vehicle inventory.
Fundraising could generate 100-150 million pounds ($156-$234 million), with new shares offered to current investors.
When Investindustrial paid 150 million pounds for a 37.5 percent stake in the company in 2012, Aston Martin was able to start updating existing models under a 500 million pound investment strategy.
If everything works out, a replacement for the 120,000 pound DB9 could take place sometime in late 2016 and a return to profitability as early as 2017, according to Reuters.
New Chief Executive Andy Palmer debuted a DB10 concept car that will be featured in the next Bond film, "Spectre."
"It will come as no surprise when I say that the year ahead is going to be busy across the board," Palmer told guests.
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