The company mentioned the green-light as part of an announcement highlighting £200 million (~$307 million USD) in fresh funding. The investment is said to be necessary as the independent automaker attempts to overhaul its lineup with new luxury offerings, replacing every model and adding three new nameplates by 2020.
Introducing a model based on the DBX concept will allow the company to engage the fast-growing crossover segment. The utility vehicle will face stiff competition, as rival models begin to arrive from Bentley, Maserati and even Lamborghini.
Unveiled last month in Geneva, the DBX is presented as a luxury GT car that maintains the essence of a sports car but with the ride-height of a crossover. The concept utilizes four electric motors for all-wheel drive, along with a kinetic energy recovery system.
“The DBX concept has generated interest far beyond our expectations,” said Aston Martin chief executive Andy Palmer. “The additional investment announced today will allow us to realize the DBX and other new luxury vehicles that will form the strongest and most diverse portfolio in our history.”
Recent reports claim the British automaker could build a new factory in the US to build the crossover. Sites are allegedly under consideration in Southern states such as Georgia and Alabama, however several UK locations are also said to be vying for the prize.
The company expects the CUV to potentially account for more than half of its overall annual sales, though a launch date has not yet been publicly confirmed.
Image by Ronan Glon.