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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:

Race Recap: 2014 24 Hours of Le Mans defines 'endurance'

Commenting on the rush of events that rocked beginning and end of the 24 Hours of Le Mans, Paul Truswell of Radio Le Mans said "the race is about the ability to endure, not just the ability of drivers to do what they do for a long time." The entire race machine, all the way down to the pit boards and radios, has to survive the stress and abuse of the entire day. This was the race to prove those words.
There were two Toyotas, two Porsches and three Audis, five of the seven led the race at some point, six of the seven ran in the top three. Toyota will be hugely disappointed that it didn't win when its car and drivers were so, so strong, but they gave Audi the kind of scare we haven't seen since the best of Peugeot's days, and Toyota did a better job of it even in the loss. Porsche blew away everyone's expectations, falling 3.5 hours short of a fairy tale ending that would have made Disney cry.
But Le Mans doesn't really do fairy tales. Well, not that fairy tale. Audi's Twitter handle during the event was #welcomechallenges. As usual, Le Mans answered for the entire field.

2015 Aston Martin V8 Vantage GT First Drive

Only one thing is going through my mind as I blast down the Autobahn at 170 miles per hour: If someone were to give me $100,000 today, I'd go buy a new Aston Martin V8 Vantage GT tomorrow. I know there are a dozen other choices out there – cars that are more powerful, quicker around a road circuit and much less expensive, but you can keep your Corvette, your 911, your F-Type, your GT-R and your top-spec pony cars. My money would go towards this entry-level Brit with the metallic green paint and bright-yellow race-inspired accents. Aston Martin has always crafted alluring – and expensive – automobiles. Yet this is the first time one of its offerings has come close to making sense to both the enthusiast's heart and to his or her accountant. It may sound absurd, but considering the GT's engineering, design, pedigree and hand-crafted execution, its $99,900 sticker price (plus $2,825 destination) makes it an absolute bargain. To experience the new V8 Vantage GT, a model sold as the N430 in other markets, the British automaker invited me to attend this year's grueling Nurburgring 24-hour race. Before I watched its race-prepared siblings lap the famed circuit for a full day (all four Vantage models that entered finished), I was handed the keys to my very own example – in Alloro green exterior paint with yellow club sport graphics – configured with a welcomed six-speed manual gearbox. Vantage is the smallest, lightest and most agile of the Aston Martin lineup, and it's been around for a good while already. As you'll likely recall, the Vantage is the smallest, lightest and most agile of the Aston Martin lineup, and it's been around for a good while already. First launched at the 2005 Geneva Motor Show, today the model is offered in Coupe and Roadster bodystyles with the buyer's choice of either a V8 or V12 powerplant. The coupe, like all of the automaker's production models, rides on its modular VH platform, a lightweight bonded aluminum and magnesium monocoque structure fitted with aluminum body panels for Vantage duty. Aston Martin is proud of its aerospace-like chassis, and it's historically been eager to promote its ability to offer its affluent clientele customized vehicles, with personalized upholsteries, colors and options – think of it like ordering a custom-tailored suit. But that exclusivity has previously come at a considerable price, starting at $121,225 (including destination) for its least-expensive V8 Vantage.