Aston Martin will invest £600m in China

Aston Martin DB11.

Aston Martin will invest £600m in China

The British luxury car brand has unveiled plans for a five-year trade and investment drive in China worth over £600m.

The car maker’s expansion in the world’s largest automotive market comes as Prime Minister Theresa May leads a trade delegation to the large Asian nation.

The five-year plan, which comes hot on the heels of the company’s commitment to a new dealership in Wuhan, capital of the Hubei Province in Central China.

The news was announced by Aston Martin President and Chief Executive Officer Dr Andy Palmer during the delegation’s visit to China.

The push for Chinese exports and investment comes after a strong regional year of growth in which sales grew by 89%, in large part due to the success of the DB11.

Speaking in Beijing, Dr Palmer said: “Our impressive 2017 performance in China reflects increasing demand for our new and special vehicles.

“The continued roll-out of our new model pipeline, including the company’s first electric vehicle in 2019, will further improve Aston Martin’s market share in this key market, alongside investments we are making to strengthen brand visibility and sales performance.

“These investments reflect our confidence in the Aston Martin brand and the attractiveness of the Chinese market which was our fastest growing region in 2017.”

Demand in China is expected to grow this year and next, with the release of the new Vantage coming later this year and the introduction of the company’s first SUV in 2019.

Part of the investment involves a dealership and expansion programme within the Chinese market totalling over £20 million, including a new concept city centre showroom in Beijing.

By the end of 2018, Aston Martin will have strengthened its dealer network with 10 new and refurbished locations, to include showrooms in Wuhan, Tianjin, Nanjing and Ji’nan, taking the total retail footprint across China to more than 20 locations. 

Aston Martin China, located in Shanghai, is further strengthening its presence in the region by opening a second office in Beijing in the coming months.

Prime Minister Theresa May said: “Thanks to the drive and innovation of UK business, backed by this Government, trade between the UK and China is already at record levels.

“This visit is an opportunity to further showcase the best of British and boost jobs and prosperity throughout the UK. I am proud to lead such a varied and strong delegation to China”