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UK car output falls 14% in March, may get worse with no-deal Brexit

LONDON — British car output fell for the 10th month in a row in March, hit by a slowdown in key foreign markets, and the sector stands to suffer a lot more if the country leaves the European Union without a deal, an industry body said on Tuesday. Output tumbled by an annual 14.4 percent to 126,195 cars in March, the Society of Motor Manufacturers and Traders said. Exports, which account for nearly four out of every five cars made in Britain, were down by 13.4 percent. The SMMT said analysis it had commissioned predicted output would fall this year to 1.36 million units from 1.52 million in 2018, assuming London can secure a transition deal with the EU. If Britain has to rely instead on World Trade Organization rules for its trade with the bloc, which include import tariffs, output is forecast to fall by around 30 percent to 1.07 million units in 2021, returning to mid-1980s levels, the SMMT said. The forecasts were produced for SMMT by AutoAnalysis, a consultancy. Prime Minister Theresa May has secured a delay to the Brexit deadline until Oct. 31, giving her more time to try to break an impasse in parliament over the terms of Britain's departure from the EU. Foreign minister Jeremy Hunt traveled to Japan earlier this month to try to persuade the Japanese government and Toyota, which has a big presence in Britain, that London was determined to avoid a no-deal Brexit. "Just a few years ago, industry was on track to produce 2 million cars by 2020 — a target now impossible with Britain's reputation as stable and attractive business environment undermined," SMMT chief executive Mike Hawes said. "All parties must find a compromise urgently so we can set about repairing the damage and diverting energy and investment to the technological challenges that will define the future of the global industry." (Reporting by William Schomberg, editing by David Milliken)

Aston Martin posts deep quarterly loss as coronavirus pandemic dents sales

LONDON — Aston Martin posted a deep first-quarter loss after sales dropped by nearly a third due to the impact of the coronavirus crisis, though the luxury car maker said production of a crucial sport utility vehicle was on track. Aston Martin, popular for being James Bond's carmaker of choice, suffered a torrid time since it floated in October 2018, seeing its share price tumble from 19 pounds to around 40 pence. Dire conditions forced the company to bring in Canadian billionaire Lawrence Stroll to invest in the firm, while Aston said it will continue to review future funding and refinancing options to boost liquidity. The pandemic hit demand and forced factories around the world to suspend production. However, Aston resumed operations as its Welsh plant last week but not at its other site located in southern England as yet. "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," Chief Executive Andy Palmer told Reuters. The company posted a pre-tax loss of 119 million pounds ($145 million), compared with a loss of 17 million pounds ($21 million) last year, and said it could no longer provide an annual outlook. Its full-year loss in 2019 came in at 104 million pounds. Shares were down 5% at 36 pence, as of 07:35 GMT on Wednesday. The carmaker said production of its DBX SUV, which is key to boost volumes and appeal to new buyers including more women, was on track and had a strong order book. The luxury brand, which has seen core retail sales slump by an annual 31%, has furloughed staff, introduced additional safety measures and cut the pay of its senior management as part of measures to handle the crisis caused by the pandemic. Stroll, who hopes to pursue a turnaround partly by sharing Formula One technology with the firm's range of road cars, leads a consortium that took a 25% stake in the company earlier this year as part of a capital raise worth 536 million pounds. "Given the ongoing uncertainties, as is prudent, the company continues to review all future funding and refinancing options to increase liquidity," the company said on Wednesday.   (Reporting by Costas Pitas; Editing by James Davey and Sherry Jacob-Phillips)

Roger Moore's 1970 Aston Martin DBS sells for $900k [w/video]

Think of Roger Moore zipping around Europe in an Aston Martin thwarting evil plans, and you'll probably think James Bond, right? Wrong. Because though 007 has driven a variety of Astons in the various films over the years, none of those were in the Moore era. He drove a Chevy Impala in Live and Let Die, a Mercedes in The Man With The Golden Gun, a Lotus Esprit in both The Spy Who Loved Me and For Your Eyes Only, a Range Rover in Octopussy and a Ford LTD in A View to a Kill. But that wasn't the only jet-setting do-gooder Moore played. He drove a Volvo as Simon Templar in The Saint, but after that and before his Bond days, he got his turn behind the wheel of an Aston in a television series called The Persuaders! The show starred Moore as Lord Brett Sinclair and Tony Curtis as American playboy Danny Wilde in a TV series that ran on both ITV in the UK and ABC in the US. It sadly only ran for one 24-episode season, but remains a cult classic. The series was as much about the cars as it was the stars, with Curtis speeding around Europe in a Ferrari 246 GT Dino and Moore in this yellow 1970 Aston Martin DBS. And it just sold at auction. As Octane pointed out when it drove the car for its September 2013 issue, the car was loaned to the show's producers and, though it packs the 4.0-liter inline-six of the DBS, was fitted with the wheels and badges of the Aston Martin V8 that followed – just without the eight-cylinder engine. It was sold to a private owner after the show finished filming and then bounced around different owners before collector and enthusiast Mike Sanders bought it and subsequently sold it to one Ed Stratton. Ed brought it back to show spec, took it to Villa d'Este, had Moore and Curtis sign the inside of the trunk lid, and now put it up for auction. The star of Bonhams' 15th annual sale at the Aston Martin Works in Newport Pagnell this past weekend, the DBS sold for a record GBP533,500 – equivalent to almost $900k at today's rates – contributing to GBP8.7 million ($14.6m) in total sales that day. Find the press release below, along with a video of a pretty great scene from The Persuaders! with both Moore and Curtis. ROGER MOORE'S 'THE PERSUADERS!' ASTON MARTIN SETS WORLD RECORD FOR A DBS SOLD AT AUCTION 17 May 2014, The Aston Martin Works Sale In its 15th year Bonhams Aston Martin Works sale totals at GBP8.7 million Roger Moore's 'The Persuaders!' Aston Martin DBS sets world record for DBS sold at auction, selling for GBP533,500.