It might read like an amusing anecdote, but this really is Aston Martin’s new city car concept – the Cygnet. Based on the world’s smallest four-seater, the Toyota iQ, the Cygnet will be a new luxury car built and sold exclusively to Aston owners at the end of 2010.

With an estimated price of around $ 35k, the re-badged and redesigned Toyota will have the famous Aston Martin grille, a reshaped front and rear, vastly redesigned interior and will be tailored to any customer’s requirements. Apart from that, the company isn’t divulging any more details; many styling aspects still need to be finalised. No powertrains have been decided on either.

The idea behind the project comes from existing Aston owners, 50 per cent of whom, according to the company, own a city car – like a Mini or Smart – for their every day needs.

‘Now is the right time for Aston Martin to take this first bold step to embark on this special project,’ said Aston CEO, Dr Ulrich Bez. ‘This concept - akin to an exclusive tender to a luxury yacht - will allow us to apply Aston Martin design language, craftsmanship and brand values to a completely new segment of the market.’

‘Much work is still required, but I am confident that this project could become reality in the not too distant future. The offering of a Cygnet with a DBS, DB9 or Vantage is a unique combination of opposites and a novel transport solution allowing intelligent and sensitive mobility on an exclusive and innovative level.’

Despite the assurance of Dr Bez, doubts have surfaced as to why the company chooses to make a city car in the first place. Some critics of the concept suspect that Aston Martin is trying to lower its average CO2 figures (an important factor in Europe). Others think that, with the current financial climate, the Cygnet will help inject a healthy profit into the company.