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The diving fortunes of the auto market have forced major companies to figure out how to survive until the next upturn. Toyota Motor Company has experienced a downturn in sales worldwide while Aston Martin has struggled as wealthier clients try to preserve their nest eggs. These unusual circumstances have led Toyota to offer its iQ subcompact car to Aston Martin as a way of infiltrating the European market. Aston Martin is hoping that its retrofitting of the iQ with luxury features will appeal to eco-conscious consumers willing to pay a bit more for James Bond’s favorite vehicle brand.
The iQ is a four-person, two-door hatchback made available in diesel and gas varieties in the Japanese market in 2008 with a hybrid model in the works. Toyota Motor Europe has determined that the vehicle’s low carbon dioxide emissions exceed limitations set by independent agency Euro NCAP. The Toyota iQ features a streamlined cockpit with an asymmetrical dashboard creating more space for the driver and passenger to move. The heating and air conditioning components are notably toned down with electronic push-button controls and unobtrusive vents matching the dashboard’s unusual look. Another interesting touch on the iQ is the flattened fuel tank, which is located under the rear cockpit floor to facilitate a smaller frame.
Aston Martin plans to redesign elements of the iQ and brand the vehicle as the Cygnet. The British automaker has not established concrete sales, distribution and marketing plans though the delivered iQs will be repurposed in its Gaydon plant. The initial production goal will be about 2,000 units per year starting in 2010 with the initial price estimated at $33,000 USD. Aston Martin representatives have hinted at a prospective marketing plan for the Cygnet as a weekend or errand vehicle for traditional Aston Martin drivers. The stripped-down interior and functionality of the iQ may be adjusted with leather trim, high-end electronics and other luxurious touches from Aston Martin.
Toyota and Aston Martin are not typically in the same league in terms of auto market sectors. Aston Martin gains much more from acquiring iQs than Toyota receives from this agreement for several reasons. The British company has to reduce emissions in future vehicle lines to meet stricter emissions standards among European countries. Aston Martin is able to reach out to customers typically priced out by its luxury cars without doing much heavy lifting in terms of research and development. Toyota may learn that the iQ sells well in the European market but it will be difficult to determine if it is the IQ or the Aston Martin name that accounts for its success. Toyota executives are likely hoping that its proximity to Aston Martin as well as a dual rollout of the economical iQ and the luxurious Cygnet will demonstrate the company’s prolific portfolio.
