Aston Martin has confirmed that it is scrapping the production of its Cygnet model.
The manufacturer announced it will no longer be making the small car, which had a sales target of 4,000 but only sold 150.
Ian Fletcher, an automotive analyst at research consultancy IHS, explained the luxury manufacturer had been trying to break into a new market with the car.
However, he pointed out it was priced too high and this meant it could not compete in a crowded section of the market with more affordable models.
"The premium supermini market is a good place to be at the moment but Aston got it wrong in thinking putting a grill and a fancy interior on what was basically a Toyota iQ would make people buy it," he said.
Aston Martin is best known for its Vantage range and the DB series, while its cars are regularly featured in the James Bond film series.
Find up to date information on the FTSE 100 and spread betting strategies at City Index
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.