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Aston Martin sues dealer over $3.5 million Valkyrie supercar

Aston Martin Lagonda Global Holdings said it’s suing a company affiliated with one of its dealers in Switzerland, alleging that it withheld customer deposits collected for the $3.5 million Valkyrie supercar. The automaker accused Nebula Project AG of failing to pass some deposits taken from customers along to Aston Martin and said it has terminated an unconventional commercial arrangement its previous management team entered in 2016. Under the now-dissolved deal, Nebula had agreed to fund development of the Valkyrie and other mid-engine cars in exchange for royalty payments. As a result of terminating the agreement with Nebula, Aston Martin is no longer liable for any potential royalty payments, which could have been “significant” over time, the carmaker said in a statement Tuesday. The company also cut off its dealer arrangements with AF Cars AG, the company that operates Aston Martin St. Gallen in Switzerland, whose board members manage Nebula. A spokeswoman for the cantonal prosecutorÂ’s office in St. Gallen said they are expecting a lawsuit to be filed but hadnÂ’t received it as of noon Tuesday. A spokesman for Aston Martin St. Gallen was not immediately available to comment, according to a receptionist. The canton of St. Gallen in eastern Switzerland is home to just 510,000 people but generates gross domestic product of almost 39 billion Swiss francs ($42 billion), making it a natural fit for wealthy fans of supercars. The Valkyrie, which Aston Martin expects to start shipping in the second half of the year, is intended to compete with mid-engine models made by the likes of Ferrari and McLaren. While Aston Martin believes the net impact of its actions against Nebula will be positive over time, itÂ’s expected to reduce cash flow and earnings before interest, taxes, depreciation and amortization by as much as 15 million pounds this year. The automakerÂ’s shares traded down 1.9% as of 11:50 a.m. in London, paring an earlier decline of as much as 4.9%. Valkyrie customers will still receive their cars as scheduled, Aston Martin said, despite the company not having received all the deposited funds. The company said it will take deposits for special vehicles directly from customers going forward instead of through dealers. Aston Martin racked up significant losses after going public in 2018 and has spent the last year restructuring itself after a rescue by Canadian billionaire Lawrence Stroll, who took over as chairman.

UK electric motor maker YASA expands production 50-fold for EVs

LONDON — British electric motor manufacturer YASA said on Thursday it was increasing its production capacity from 2,000 to 100,000 units with a new factory to tap into growing demand from carmakers for greener technologies. Automakers are racing to build greener vehicles and improve charge times in a bid to meet rising customer demand and air quality targets but Britain lacks sufficient manufacturing capacity, an area the government is building up. Last year, the government picked a site in central England to house a new automotive battery development facility, which will develop the processes required to manufacture the latest battery advancements. On Thursday, YASA, based near the English city of Oxford, said it had raised another 15 million pounds ($21 million) as part of its expansion. "Our customers are looking to adopt innovative new technologies such as YASA's axial-flux electric motors and controllers in order to meet the needs of the rapidly expanding hybrid and pure electric automotive market," said Chief Executive Chris Harris. The firm exports 80 percent of production and has worked with companies including Britain's two biggest carmakers Jaguar Land Rover and Nissan as well as Aston Martin. JLR will decide this year whether to build electric cars in its home market, previously citing factors such as pilot testing and support from science and government as pre-requisites. Reporting by Costas PitasRelated Video:

Aston Martin Vantage AMR is road-going follow-up to AMR Pro

Two months ago, Aston Martin launched its new AMR line of vehicles with a pair of limited-edition cars. One was a slightly warmed-up Rapide sedan called the Rapide AMR, and the other was a track-only Vantage with a race-car-derived V8 called the Vantage AMR Pro. Now the company has released a third, or third and fourth depending on how you're counting, model that splits the difference. The new Vantage AMR, sans the Pro part, is available with either a V8 or a V12, and can be had as either a coupe or convertible. What make the Vantage AMR special are limited production and aesthetic upgrades. Only 300 examples will be made, 200 of which will have the V8, while the other 100 have the V12. The V8 doesn't make any more power than the standard model, but the V12 produces an extra 30 horsepower over the standard model for a total of 595. Aston Martin also offers an optional titanium exhaust to improve the sound of these engines and reduce weight, but it doesn't change output. Observers of these Astons will be able to spot them by their special paint schemes with a center stripe down the middle. The cars can be had in white with an orange stripe, black with a blue stripe, blue with a red stripe, or silver with a gray stripe. There's also a "Halo Pack" that includes a green paint scheme similar to Aston Martin's GT racing cars, complete with a lime green stripe. There's also a no-cost option to add an Aston Martin badge painted in the colors of the Union Jack. Every color combination comes with a color-coordinated interior, too. Just because this is a very rare Aston Martin doesn't mean there aren't any options. On the contrary, there are quite a few, mostly concerning appearances. On the outside, carbon fiber side skirts, headlight housings, and grille are all available. An aerodynamics kit is also available that adds a big rear wing, front splitter, and front canards for additional downforce. Lightweight forged wheels are also available. Inside, the carbon fiber decoration continues with available seats, instrument surround, window sills, and grab handles. Depending on whether you're converting Euros or British pounds, an Aston Martin Vantage AMR will start between about $125,000 or $143,000. That doesn't really matter, though, since the Vantage AMR won't be offered in the US. It will only be available in the UK, Europe, China, and the Asia Pacific region. Middle Eastern buyers can also pick one up, but only the V12 variant.