British sports car manufacturer Aston Martin is reportedly preparing to raise funds to expand its range of models into new market segments. That’s the word from Reuters, which claims Aston is planning to develop SUVs, luxury sedans and hybrid models by 2020.

"The British high-end marque is working on plans to issue new shares or bonds and extend its current recovery strategy by three years to 2020," Reuters reports, quoting two anonymous sources familiar with the matter. Specifically, the move is part of Aston Martin’s strategy to become a profitable company after struggling to stay afloat for more than half a decade.

The lack of significant investments and a lineup of models sitting on aging platforms have prevented the British automaker from ditching its near-extinction status. Last year it delivered only 4,200 cars, a far cry from the 7,300 units it sold in 2007.

The sources stopped short of offering actual details of the company’s future models, but we expect Aston’s first-ever SUV to be aimed at similar offering currently being developed by Maserati and Bentley. Aston Martin unveiled a concept SUV under the Lagonda name back in 2009, but the moniker has since been used to launch the luxury 2016 Taraf sedan. Likewise, there’s no word on what drivetrains will motivate the upcoming hybrid models, but expect Daimler to provide the technology as part of the agreement that allows the British company to equip its sports cars with AMG-prepped, 4.0-liter, V-8 mills.

Click past the jump to read more about Aston Martin’s future plans.

Why it matters

It’s not uncommon for sports car manufacturers to move into SUV territory in order to save their business. Porsche did the same with the Cayenne and Maserati is on its way to launching an SUV to significantly improve global sales. Aston Martin is obviously trying to adopt the same strategy, but its mission is not as easy as it sounds. The company is still strapped for cash, which means it can’t develop and build an SUV on its own.

To make a long story short, Aston Martin needs to raise funds before going to the drawing board for brand-new designs. Hopefully the Brits will be successful in their endeavor and Aston Martin will bounce back in a few years’ time.

Aston Martin Lagonda SUV

2020 Aston Martin Lagonda SUV Exterior AutoShow
- image 379695

Source: Reuters

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