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Canadian billionaire Lawrence Stroll leads $240 million Aston Martin investment

After months of rumors and speculation, Canadian billionaire Lawrence Stroll confirmed he led the purchase of a 16.7% stake in Aston Martin for GBP182 million ($239 million). The investment is part of a GBP500 million ($656 million) round of emergency funding that will help the British automaker overcome serious financial challenges. Yew Tree Overseas Limited, a consortium of international investors led by Stroll, built its stake by buying 45.6 million new ordinary Aston Martin shares on the London Stock Exchange, according to Autocar. Aston Martin raised the remaining GBP318 million ($417 million) by giving existing investors the opportunity to buy more shares, the BBC learned. It's not a full bailout, but it's close. Aston Martin ended 2019 in dire financial straits. Stroll will replace Penny Hughes as Aston Martin's chairman; CEO Andy Palmer is expected to keep his job. Several sources confirmed the Racing Point Formula One team owned by Stroll will be rebranded Aston Martin after the 2020 season, and Autocar reported the company will quickly need to eliminate jobs and slash costs. "The difficult trading performance in 2019 resulted in severe pressure on liquidity, which has left the company with no alternative but to seek substantial additional equity financing. Without this, the balance sheet is not robust enough to support the operations of the group," Hughes admitted in an interview with the BBC. Stroll's' appointment to the Aston Martin board comes as the company prepares to overhaul its product plan. It notably confirmed the rumors claiming it put the battery-powered Rapide project on the back burner until further notice, and it delayed plans to revive the Lagonda nameplate on a series of extra-luxurious electric vehicles until after 2025. The first car was originally scheduled to reach the market in 2022, but the battery technology is expensive to develop, and Aston must save about 10 million pounds (around $13 million) annually. The firm will instead focus on mid-engined sports cars. Still according to Autocar, it will begin delivering the 1,160-horsepower Valkyrie hypercar this year, and it's on track to launch the Valhalla in 2022. The Vanquish will go mid-engined shortly after. Delaying electric cars doesn't mean abandoning electrification, and Aston Martin hopes to release "a fuel-efficient, modular V6 engine with hybrid capabilities" by the middle of the 2020s.

'Top Gear' takes us inside the Aston Martin Project 003

"Top Gear" magazine's Jack Rix might be the ideal lad to lock in a room with a cool car and a camera. After taking us on tours of the Mercedes-AMG One and Honda Urban EV concept, he's wandered into another anteroom with the Aston Martin Project 003 and Vanquish. When we saw the mid-engined coupes at the Geneva Motor Show, it looked like Aston Martin programmed the Valkyrie family's design language to "softer" on the RMB-003 and "softest" for the Vanquish. We wanted more details. Cue Mr. Rix. The deputy editor fills us in on trivia like the combined weight of the Project 003 headlights and taillights being less than the weight of a single DB11 headlight. He also shows us how the NASA-aided FlexFoil wing works, and where the potential rear-view cameras would be mounted. Then he gets inside an interior that's "a bit more civilized" than that on the Valkyrie for not putting hip level beneath knee level. However, notice that here, too, the seat is built into the carbon fiber tub — the end of the seat bolster is flush with the footwell. And check out those vents that triple as speakers and ambient lighting. Rix can only walk around the Vanquish, since that car's not due until 2022, a year after the Project 003. Nevertheless, there are plenty of Easter eggs to share, like how design elements from front-engined Aston Martins have been integrated throughout the mid-engined bodywork. As a bonus feature, Aston Martin has taken a separate look at Valkyrie development through the eyes of high-performance test driver Chris Goodwin. The racer explains how he's using the Red Bull Formula 1 team's simulator to tune the Valkyrie road car's handling, active suspension, and aerodynamic systems. Goodwin was McLaren Automotive's test driver and worked on the Speedtail, so it could mean something when he says of the Valkyrie, "It's going to be a substantial gap between this car and what's currently available on the market."

Lagonda All-Terrain Concept previews electric SUV shaped by planetary forces

Coming soon to an ultra-wealthy desert oasis near you is Lagonda, the spinoff from Aston Martin that will be devoted to creating luxury cars rather than sports cars. They will be electric and have autonomous driving features, and although their final production guises are still to be revealed, the Lagonda All-Terrain Concept introduced in Geneva provides a second clue as to what a production Lagonda might be like. Whereas last year's Vision Concept was a road-going quasi-sedan that mostly centered on autonomous driving, the All-Terrain Concept is going for the Range Rover crowd. Taller and obviously a crossover, Aston Martin describes it as "an ultra-stylish, supremely luxurious, fully electric, emission-free vehicle that can transport its occupants to remote and spectacular locations." It certainly isn't bereft of adjectives. Like other EVs, the concept utilizes a skateboard-style vehicle platform that spreads the battery weight low throughout the floor, which not only raises that floor to provide a more SUV-like view out, but actually lowers the center of gravity for superior handling. It also makes the car very stiff, which allows for the All-Terrain Concept's rear-hinged coach doors and flip-up gullwing roof bits. "The Lagonda All-Terrain Concept adds a hugely exciting sense of adventure to the unique brand of luxury, emission-free vehicles that Lagonda is planning to produce," said Aston Martin Lagonda President Andy Palmer in the press release. "This is a car that would be at home whisking someone straight from a glamorous red carpet event to a remote scientific research lab." Remote scientific research lab? Good grief. Who does this guy thinks his customer is, James Bond? Oh wait. The Aston design team drew design inspiration from super yachts, which can mostly be seen in the rear-leaning tail and severely swept-back profile. The high ground clearance and chunky fenders imply a certain degree of ruggedness that's not entirely dissimilar to the Rivian R1S. In terms of other styling details, well, take it away press release. "The surfacing is incredibly futuristic, with forms and shapes that look like they have been created by the huge, planetary forces of gravity fields." Okey dokey. The rear hatch is described as having a clamshell design, and it houses a thin LED strip hidden beneath a lip. This allows the light to be beamed downward and reflected out, thereby concealing the actual LED elements from the viewer. Nifty.