Shots fired - Aston Martin takes a dig at Tesla

Time of article published Aug 31, 2018

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Gaydon, England - Aston Martin took an apparent dig at Elon Musk and other rivals, saying its new Lagonda range will be the world’s first luxury electric car brand.

Aston is vying to conquer the high-end electric car market, fighting rivals including Rolls-Royce, Bentley and Musk’s Tesla.

It is resurrecting the 112-year-old Lagonda marque as a high-powered fossil fuel-free range, to be available in 2021, and billing it as a luxury brand.

Announcing the new strategy, Aston’s Andy Palmer said: "It will appeal to people other than traditionalists - those who want to upgrade from a Tesla."

Palmer believes the brand can be more than just a car maker.

As reported earlier this week, Aston Martin is targeting the super-rich with apartments, submarines and speedboats as it fights to join the FTSE 100 in a blockbuster £5bn (R95.8bn) stock market float.

The 115-year-old business set out its plans to go public amid record profits and an audacious bid to dominate the luxury market.

Palmer said: "We’re a luxury company, we’re not just a car company, and you have to see us in that context.

"Those lucky high net worth individuals who can afford our cars can also afford the lifestyle that goes around them. Believe me, those kinds of people want boats by Aston Martin, submarines by Aston Martin, and they want apartments by Aston Martin."

However, there are legitimate questions about whether Aston Martin is really worth the £5bn price tag it is aiming for when cornerstone investors disgorge some of their shares on September 20.

After all, it has a dodgy history which includes bankruptcy and an erratic profits record.

The current owners have been tempted by the great reception that Ferrari has achieved on the Nasdaq. But it is worth noting there was also scepticism about Ferrari, a spin-off from Fiat, yet it is now traded on a price-to-earnings ratio fitting for a luxury brand.

Daily Mail

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