11:31 am, June 27, 2016
ASTON Martin has announced that its plans to build a new £200m plant in South Wales will not be halted by the UK’s decision to leave the EU.
However, CEO Andy Palmer warned that Brexit means the carmaker will need to make extra ‘productivity and efficiency’ savings.
The luxury carmaker is planning to produce its new SUV-sized vehicle at the Welsh plant, in order to capitalise on growing global demand for crossover cars.
With construction set to begin in 2017, the brand has said that the 90-acre factory in St Athan, which will employ 750 people, will repurpose some of the facilities currently used at the site by the Ministry of Defence, transforming three super-hangars. Vehicle production is expected to start in 2020.
In a statement to Reuters, Palmer said: ‘We acknowledge the decision and the rule of democracy. Aston Martin will now orientate its business to deliver our mid-term plan in the context of the exit and the market volatility that may exist during the period of transition.
‘As the UK could now be subject to new trade tariff barriers, we also anticipate the need for additional productivity and efficiency in the medium term.’
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