BRITISH luxury sports car maker Aston Martin has ended its foray into the supermini segment by dropping its Cygnet city car from the range after poor sales, a source close to the company said.
The source said Aston Martin’s two-door Cygnet, which was based on the Toyota iQ, had been dropped from the company’s line-up after it “sold less than 150 units” of the £32,000 vehicle in Britain.
When it started production three years ago, Aston said it hoped to sell 4,000 Cygnets a year.
Aston Martin has struggled for growth since the economic downturn in 2008 and ratings agency Moody’s put its non-investment grade B3 rating under review late last year.
The group posted a 16 per cent fall in full-year profits, blaming global economic uncertainty for a severe slump in sales of high-end vehicles.
The carmaker, which is majority owned by Kuwait’s Investment Dar and Adeem Investment, reported a pre-tax loss of £24.6m in the year to December 2012, down from the £21.2m it posted a year earlier.
City A.M. Reporter