Aston Martin boss Andy Palmer hits back at the doubters
Media playback is unsupported on your deviceThe boss of Aston Martin Lagonda has delivered a passionate defence of the company's strategy amid signs some city investors are losing faith.
But Mr Palmer blamed the share price slide and criticism on people who don't understand the long-term investment case. "We need to create engineers in the UK; we need to create intellectual property; we need to create apprentices. When you don't own your own industry, you can't guarantee that you can do that."
The car will have a range of about 400 miles, and wireless rapid-charge technology - and cost about £300,000. The Lagonda brand was born in 1899 and"we need to invigorate it," Mr Palmer said."It will be the first all-electric vehicle luxury car brand." The Geneva displays are part of the company's Second Century strategy to launch one new model a year for seven years. With the launch of a planned new Lagonda sedan, in production from 2023, that strategy will be complete. After that,"it's copy-repeat, copy-repeat", he said.He described Second Century as a defensive plan to protect Aston Martin, loss-making for decades, against downturns in the global economic cycle and changing markets.
There is, of course, the rest of the world to worry about, although Aston Martin's key China and US markets are doing well.He is particularly pleased with the continuing growth in China, where 50% of customers are now female.
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