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Aston Martin speeds ahead with October IPO worth perhaps $6.7 billion

LONDON — Luxury British carmaker Aston Martin is seeking a valuation of up to 5.07 billion pounds ($6.7 billion) from its stock market flotation and has taken steps to prepare for any eventuality over Brexit, it said on Thursday. The company, famed for making the sports car driven by fictional secret agent James Bond, said last month it was pursuing an initial public offering (IPO), the first British carmaker to do so for decades. The automaker will publish a prospectus later on Thursday and hopes to announce its final pricing on or around Oct. 3. It expects its shares to be admitted to the London Stock Exchange on or around Oct. 8. Carmakers have warned about the impact of any customs checks introduced as a result of a no deal or hard Brexit which could slow down production and add costs when Britain leaves the bloc in March 2019. The boss of Aston, which builds all its cars in Britain, said the company had boosted its stock of engines and components in case free and unfettered trade with the European Union ends in a few months' time. "We're up to five days of engine stock for example and we've got a very large warehouse in Wellesbourne (in central England) where we have at least five days of car stock," Chief Executive Andy Palmer told Reuters, an increase from the previous three days' worth of components held by the firm. "If there are tariffs ... for every car we lose because of a 10 percent tariff into Europe, we presumably pick up from Ferrari and Lamborghini in the other direction because obviously their cars become more expensive in the UK," he said. London and Brussels hope to conclude a Brexit agreement by the end of the year, but fellow carmakers such as BMW and Jaguar Land Rover (JLR) are worried that failure to agree could lead to snarl-ups at motorways and ports, disrupting production. JLR boss Ralf Speth warned last week that the wrong Brexit deal could cost tens of thousands of car jobs and risk production at the firm, Britain's biggest carmaker. Aston, which has set a price range of 17.50 pounds to 22.50 pounds per share for the 25 percent of stock it is floating, is targeting a market capitalization of between 4.02 and 5.07 billion pounds. The carmaker, which has long said it could pursue a listing, has undergone a turnaround plan since Palmer took over in 2014 as it boosts its volumes and expands into new segments with a new factory due to open in 2019.

Weekly Recap For 5.20.16 | Autoblog Minute

Senior Editor Greg Migliore recaps the week in automotive news, including a look at the Aston Martin Vanquish Zagato, two Volvo concepts, and the FCA Jeep airbag recall.

The only road-legal Aston Martin Vulcan dressed up in bomber camo for Gumball

The Gumball 3000 is to cars what the Met Gala is to fashion. Whereas Gala guests are flexing their money with outrageous outfits and costly designer customs, Gumball participants show off with expensive and rare vehicles covered in eye-popping temporary skins. One of the biggest stars at the 2019 Gumball 3000 will be the only road-legal Aston Martin Vulcan in the world. This year, the Gumball 3000's path takes drivers from Mykonos, Greece, to Athens, Greece, to Thessaloniki, Greece, to Tirana, Albania, to Porto Montenegro, Montenegro, to Split, Croatia, to Venice, Italy, to Monaco, to Barcelona, Spain, to Ibiza Town, Spain. Approximately 114 teams will be participating in the ostentatious party rally, and few will have a car more special than the Vulcan. YouTube personality Mr. JWW will be behind the wheel of the Team 106 car, which is wearing a slick camo look that is inspired by the Avro Vulcan bomber used by the Royal Air Force (and featured in the James Bond movie Thunderball as another point of reference). JWW will also be joined by G. Stepanovs and S. Tompkins. Of the 24 Vulcans made, the one you see here is the only road-legal version of the bunch. In the video above, JWW shows exactly what makes it capable of driving on public roads. The mods include Michelin Pilot Sport Cup 2 tires, an increased ride height, a different front splitter, a revised radiator, removed steering lock stops, revised steering rack, and an altered rear wing. The biggest adjustment is the addition of proper headlights, which give the Vulcan an entirely new front-end style. Aston Martin changed a few minor things inside, as well. Check out all of the features in the full video above, and watch the JWW and Gumball 3000 social channels this weekend and next week for ongoing rally coverage. View this post on Instagram A post shared by Gumball 3000 (@gumball3000) on Jun 7, 2019 at 6:43am PDT