09 Aston Martin Db9 Volante Convertible 2-door 6.0l Ken Lingenfelter Collection on 2040-cars

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Aston Martin CEO Andy Palmer to leave in favor of AMG chief Tobias Moers

Aston Martin Chief Executive Andy Palmer is leaving the business as part of a management shake-up and will be replaced by Tobias Moers, CEO of Mercedes-AMG, a source familiar with the matter told Reuters on Sunday. The luxury carmaker said in an emailed statement that it is reviewing its management team but declined to comment on Palmer's fate. Palmer and Germany's Daimler, which owns a 5% stake in Aston Martin and supplies the carmaker with Mercedes-AMG engines, also declined to comment. The Financial Times newspaper had reported earlier that the Aston Martin chief was going to leave as part of a shake-up of its leadership, with an official announcement expected on Tuesday. Palmer had not been informed of the upcoming announcement, the newspaper reported. Aston Martin, famed for being fictional secret agent James Bond's car of choice, has seen its share price plummet since floating in October 2018. The 107-year old British luxury carmaker earlier this month posted a deep first-quarter loss after sales dropped by almost a third due to the impact of the novel coronavirus outbreak. The company has been banking on its sport utility vehicle to drive sales in a new segment, and said production was on track. In January, dire conditions forced the company to bring in Canadian billionaire Lawrence Stroll who bought a roughly 20% stake for nearly 200 million pounds ($263 million), as the ailing carmaker sought to raise funds. The coronavirus pandemic and shutdowns caused by it have hit demand and forced factories around the world to suspend production, negatively impacting many industries, including car manufacturers. "We were obviously fairly significantly hit by COVID-19, starting with China in January but more clearly in what we saw as it came across towards Europe and the United States," Palmer told Reuters earlier in May. Related Video:

Mercedes increases stake in Aston Martin

As part of an increasingly close partnership, Mercedes-Benz parent company Daimler is reportedly preparing to increase its stake in Aston Martin by another one percent, bringing the German automaker's shares in the British company up to five percent.
The rapprochement between the two has been in the works for years now, and is finally beginning to take form. Mercedes-AMG is in the midst of developing a new engine with and for Aston Martin in an apparently similar arrangement to that which it has with Pagani. But that's not the extent of it.
Daimler will also furnish Aston Martin with electrical systems and other components, said to lead up to the eventual sharing of platforms: one to underpin future GTs and another to serve as the basis for a long-mooted Aston Martin crossover, now said to be back on the table and slated to launch in 2017. The prospect of using the partnership to reinvigorate both the Lagonda and Maybach luxury brands, however, has since been taken off the table, with both parties continuing those projects independently.

Aston Martin debuts electric, all-wheel-drive DBX concept

This is like no Aston Martin you've seen before. Oh, sure, it's a coupe, and a luxury grand tourer, at that. But what's so unique about this new DBX concept is what's underneath that slick sheetmetal. Not only is this Aston all-wheel drive, it uses an all-electric powertrain. Yep, it's an Aston EV. Aston Martin says the DBX was created to "defy conventional thinking about the luxury GT segment," with CEO Andy Palmer saying, "The DBX Concept is a challenge to the existing status quo in the high luxury GT segment. It envisages a world, perhaps a world not too far away, when luxury GT travel is not only stylish and luxurious but also more practical, more family-friendly and more environmentally responsible." Powertrain wise, this is a huge departure from what we currently associate with Aston Martin. It doesn't have an engine compartment, because it's powered by electric, in-wheel motors. It has drive-by-wire electric steering, carbon ceramic brakes (okay, that sounds like Aston), a KERS energy recovery system, and cameras in place of actual mirrors (because it's a concept, of course). Design-wise, the DBX has a sort of high-riding coupe look to it, which makes its all-wheel-drive setup clearly evident. It's not super swoopy or revolutionary in terms of its design, instead perhaps more evolutionary than anything. It almost looks like it could be headed for production, even though Palmer put the kibosh on that thinking, saying, "This is, clearly, not a production-ready sports GT car, but it is a piece of fresh, bold thinking about what Aston Martin GT customers around the world could request of us in the future." In any case, it's certainly a fascinating and surprising debut from the British automaker. Check it out, above, and read more details in the press blast, below. ASTON MARTIN DBX CONCEPT CHALLENGES CONVENTION - DBX Concept redefines the luxury GT segment for the 21st Century - World debut for idea of first all-electric, all-wheel drive, Aston Martin - Sophisticated design and innovative engineering to broaden appeal 3 March 2015, Gaydon: Aston Martin today challenges the nature of luxury GT travel in the 21st Century with the debut at the 85th Geneva International Motor Show of the innovative DBX Concept. Created to defy conventional thinking about the luxury GT segment, the DBX Concept widens the appeal of the iconic British luxury brand and reaches out to a more diverse global audience than ever before.