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Aston Martin CFO departs as stock hits a record low, losses deepen

LONDON — Aston Martin shares slumped to a record low on Thursday after the British luxury carmaker said its losses ballooned last year and its chief financial officer would leave by the end of April. The firm, famed for being fictional agent James Bond's car of choice, posted a pretax loss of 104 million pounds ($135 million) last year compared with 68 million pounds in 2018 following a 9% decline in sales to dealers. Aston Martin is in the midst of restructuring after announcing last month that a consortium led by Canadian billionaire Lawrence Stroll would buy up to 20% of the company and existing shareholders would inject more cash. Its shares, which were listed in October 2018, have been on a steady downward trajectory ever since and hit a record low of 328 pence following the announcements on Thursday, more than 80% lower than their flotation price. "The big difference between last year and this year is the strength of the balance sheet," Chief Executive Andy Palmer told Reuters. "We're in a very different place and have therefore an ability to properly ... destock and that means get the balance right between supply and demand." Chief Finance Officer Mark Wilson will step down from his role no later than April 30 but had not been fired, said Palmer. Coronavirus impact China, Aston's fastest growing market, was a rare bright spot last year with sales rising 28% but the company, like the rest of the industry, has seen demand drop due to the coronavirus outbreak. The virus has infected more than 80,000 people and killed about 2,800, the majority in China, confining millions to their homes, disrupting businesses and delaying the reopening of factories after the extended Lunar New Year holiday break. Aston has seen disruption to the arrival of certain parts but said it had not had to stop production at its factories, with components secured until at least the end of March because it has no direct suppliers in China. "Since almost the first weeks of the New Year we've had issues with those Tier 2 and Tier 3 (suppliers) which have meant that our supply chain guys have had to be on it constantly," said Palmer. "We're ironically benefitting from the fact that we built up a Brexit stock," he said, in a reference to extra components the firm held in case Britain's departure from the European Union led to additional delays in the movement of goods.

Aston Martin recalling majority of cars built since late 2007 over counterfeit Chinese parts

Back in June 2013, Aston Martin recalled just under 700 vehicles over faulty throttle arms that could break without warning. Bad news, for sure – and things just got a whole lot worse. According to Reuters, the British luxury brand now needs to recall 17,590 vehicles due to counterfeit plastic materials being used by a Chinese sub-supplier – that's roughly 75 percent of the company's output over the same period. Basically, here's how it boils down: with the exception of the Vanquish, Aston Martin will recall all left-hand-drive vehicles built since November 2007, and all right-hand-drive cars built since May 2012. Just as we told you in the recall notice from 2013, the accelerator arms in these cars may fracture, increasing the risk of a crash. Shenzhen Kexiang Mould Tool Co Limited, a Chinese company that molds the accelerator pedal arms in these affected models, was using counterfeit plastics, according to Reuters. These bad plastics were supplied by Synthetic Plastic Raw Material Co Ltd, of Dongguan. An Aston Martin spokesperson tells Reuters that there have been no reports of accidents or injuries in conjunction with this problem.

Aston Martin Vantage and DBS Superleggera 007 Editions are shaken and stirred

We're 25 movies into the James Bond franchise at this point and it's well established that 007 has developed an unhealthy taste for Aston Martins. To wit, the upcoming film "No Time To Die", says the British motoring company, "will be released around the world in November 2020 and will feature no fewer than four iconic Aston Martin sports cars: the iconic DB5; the classic Aston Martin V8; the brand’s latest super GT,  DBS Superleggera; and the exceptional Aston Martin Valhalla." To herald the occasion, Aston Martin has rolled out two new 007 Editions. We'll start with the Vantage 007 Edition, which is inspired by the Aston Martin V8 from 1987's "The Living Daylights." Cumberland Grey paint joins a unique mesh grille with chrome bezel, a dashed yellow diffuser that the automaker says is "inspired by the hazard stripes on the film carÂ’s rockets" and sun visors with an embroidered radio station frequency of 96.60 FM, which will make sense to diehard Bond fans. A series of optional mock weapons, ski racks, and faux bullet holes round out the package. Aston Martin's flagship DBS Superleggera also gets a 007 Edition. Only 25 will be produced, each in Ceramic Grey highlighted by a black carbon fiber roof, mirror caps, splitter, diffuser and rear Aeroblade. Bond-specific emblems join unique 21-inch wheels and an interior finished in black leather with red accents. Want one? Aston Martin is currently taking orders, with deliveries expected in the first quarter of 2021. Related Video: