Aston Martin launched its Cygnet super-mini car describing it as “tailor fit for the City” and expecting to sell 4000 a year.
But after fewer than 150 customers bought the £32,000 three-door car — described by one driver as a “Toyota Yaris with a nose job” — Aston Martin is dropping the range.
The company, known for making icons of conspicuous consumption for the road, had hoped to crack a cheaper part of the market with its Cygnet runaround. It unveiled the vehicle to a fanfare in 2009, targeting it at environmentally conscious city dwellers wanting an easy-to-park, luxury vehicle.
But Kuwaiti-owned Aston’s annual results reveal it booked a £12.6 million impairment on assets related to the Cygnet, helping its pre-tax loss for 2012 to hit £34.1 million, up from £33.1 million a year earlier. Revenue fell 9% to £461.2 million.
