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Aston Martin's lifeline buys carmaker time as SUV hits road

Canadian billionaire Lawrence Stroll and investors have rescued Aston Martin with a 500 million pound cash injection that analysts say will help stabilize the British carmaker whose first sport utility vehicle (SUV) is set to hit the road. Stroll agreed to buy up to 20% of the 107-year-old company and will become executive chairman of James Bond's automaker of choice, which has gone bankrupt seven times in its checkered history. A consortium led by Stroll will invest 182 million pounds($239 million), whilst major existing shareholders - primarily Italian and Kuwaiti private equity groups - will be part of a rights issue to raise 318 million pounds. "It likely gives them enough liquidity to tide them over for a couple of years," said Charles Coldicott, Redburn equity research analyst. Outgoing chairwoman Penny Hughes, who will be replaced by Stroll, spelt out the degree of trouble the firm has been in after core sales fell last year. "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," she said. "Without this the balance sheet is not robust enough to support the operations of the group." Now Aston will need to turn the financial lifeline into part of a sustainable plan as it delays investment in electric vehicles and cuts its operating costs. A key future milestone includes around 1 billion pounds worth of debt due to mature in 2022. The company also suffers from lower gross margins than rival Ferrari, according to analysts at Jefferies, who have said scaling up is just as important as extra capital. Key to the company's success is its first foray into the lucrative SUV market, a late entrant compared to many rivals such as Volkswagen-owned Bentley and BMW's Rolls-Royce. Aston has built a new factory in Wales to make the model, known as the DBX, which it hopes will attract more women to the brand and some buyers to purchase both it and a vehicle from its traditional line-up. With the DBX model not due to roll off the production line until the second quarter of this year, the firm has taken the cost with only some of the benefit so far. Based in central England, Aston said earlier this month that it already had around 1,800 orders for the car which will retail for 158,000 pounds in Britain, a "materially better" rate than for any previous models.

2017 Aston Martin DB11 First Drive

England's history is filled with war. The last 70-plus years of peace and prosperity are an anomaly. Aston Martin, the nation's only independent carmaker, has similarly weathered strife – often of the financial variety – for most of its existence. Now Aston seeks stability. Its plan calls for new vehicles, a crossover even, and some electric propulsion for good measure. This is still a few years away. To get there, Aston will rely on its specialty, the sports car. Enter the 2017 Aston Martin DB11. While the company transitions, the latest in the DB line is already transformed. It's the successor to the 13-year-old DB9 (the DB10 was James Bond's car in Spectre) and has a new V12 with twin turbos cranking out 600 horsepower. The car is based on a new aluminum architecture that's lighter and stiffer than the DB9's, so the DB11 handles better. Naturally, the design is striking. That's not a cliche. Is all of this enough to sway some Ferrari, Porsche, and Bentley loyalists to Aston's fold? We've come to the gorgeous Italian region of Tuscany to find out. Taking the wheel on a sun-drenched morning, we head for Monte San Savino where a rustic lunch awaits. The V12 immediately grabs our attention. The note is buzzy at first, grows agitated, and then the sound morphs into a growling shout. Naturally aspirated engines are more visceral, but the DB11's turbo 12 is nothing to scoff at. The car sounds best in Sport Plus mode, which gives the engine and eight-speed transmission their most aggressive character. We lay on the throttle and the DB11 shoots forward, its long hood pointing the way through the countryside. The names of the villages roll off the tongue as the signs blur. Montisi. Montalcino. Trequanda. Florence and Pisa lay tantalizingly just outside of our route. Romantic as they sound, it's easy to resist Italy's magic. Its drivers are frickin' crazy. Thankfully, the DB11 has quick reflexes. The steering is moderately weighted, and the suspension stays flat and controlled even when we urge the car aggressively through tight curves. The sticky 20-inch S007 Bridgestone tires stay planted and keep us confident. Things only get unruly during hearty acceleration that causes the tail to come out. It happens rather easily. Most of the time the ride is a comfortable experience, as we expect from a grand tourer. With the sedate GT mode locked in, we examine the cabin. Our DB11 has subdued black leather accented by gold stitching.

Aston Martin Vulcan being converted to road-going spec

The Aston Martin Vulcan wasn't designed as a road-going vehicle, but the two dozen buyers who've plonked down the $2.3 million to buy one may soon be able to drive on public roadways. According to Autocar, British motorsports engineering company RML is preparing a road conversion option for the Vulcan, apparently with Aston's blessing. The process will reportedly involve testing the engine for emissions, mounting some new lights, and running simulated crash tests. The ride height will likely need to be raised and the gear ratios altered, but nothing will be done to compromise the vehicle's trackability (such as removing any part of the roll cage). The undertaking is expected to cost six figures, which buy another road-going Aston but is hardly a drop in the bucket relative to the Vulcan's purchase price. Certification on a single vehicle type basis might not be feasible in all markets, particularly here in the United States, where two out of the 24 being made are said to reside. "When we went to market, there was hesitation from a few prospective owners because it didn't have a road pack... but RML said they had the ability to do it," Aston Martin chief Andy Palmer told Autocar. "It has taken a bit of time to work out what's possible from an engineering perspective, but we expect four or five owners will take advantage of this. We have the sales of the last two cars currently under negotiation and it looks like the road conversion could be the closer on those deals." The Vulcan is Aston's take on the likes of the Ferrari FXX K and McLaren P1 GTR: a seven-figure supercar designed neither for the road nor for racing, but just for their owners' enjoyment. Like its rivals, Aston Martin organizes special track days for Vulcan owners as part of a complete program, but unlike those mid-engined hybrids, the Vulcan is naturally aspirated, with its engine up front. Lanzante previously announced a similar road conversion option for the McLaren. RML's expertise lies principally in constructing racing cars – particularly touring cars. It previously collaborated with Aston Martin on the AMR1 Group C racer from 1989 (not to be confused with the later LMP1 prototype). It has also undertaken a number of road-car projects, particularly for Nissan (where Palmer used to work), developing such unique concepts as the Micra R, Juke-R and Infiniti Q50 Eau Rouge. Related Video: