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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)

15-year-old Russian footballer crashes Aston Martin he's owned for 3 days

You wouldn't expect a 15-year-old boy to have the driving experience required to tame an Aston Martin, and things went just as you would suspect for one young, Russian soccer player who fits that description. It only took three days before the teen reportedly collided with a Volkswagen Tiguan at an intersection in Saint Petersburg, Russia. To make matters worse, the boy allegedly fled the scene afterward because he didn't have a driver's license. The purported driver was Konstantin P., a goalkeeper for the Zenit-84 soccer team, according to Life News from Russia. The teen told the website that the Tiguan came out of nowhere at around 50 miles per hour (80 km/h). He was driving into the intersection and claimed to be going about 25-30 mph (40-50 km/h) when they collided. No one was reportedly hurt in the incident. Konstantin allegedly bought the Aston Martin with his own money, but he might not have been responsible enough to actually drive it. According to CarScoops, he's now facing potential charges from the incident. News Source: Life News, CarScoopsTip: CarScoops Weird Car News Aston Martin Coupe Performance vw tiguan

Aston Martin tests new Lagonda super-sedan in Oman

Aston Martin has been on a long road towards reviving the Lagonda name. The last Lagonda – that famously wedgy sedan – ended production in 1990. The name came back on a crossover concept in 2009, but for better or worse, never reached production. Then about a month ago, Aston teased a new super sedan to revive the marque, and shipped it off to Oman for hot weather testing under the baking Arabian sun. And now it's released a full batch of photos giving us our best look at the exclusive new four-door yet. This first verification prototype is taking part in a four-week testing cycle in the Sultanate, running some 500 miles per day with the aim of logging 14,000 test miles in temperatures as high as 120 degree Fahrenheit. The British automaker (known in full as Aston Martin Lagonda Ltd.) purposely chose a black paintjob to further punish its prototype, including an hours-long heat soak test that will bring the surface temperature of the cabin trim up to around 175 degrees. Aston isn't telling us much about the sedan itself, but we figure it's more likely to be powered by the company's ubiquitous 6.0-liter V12 engine and based on the aging VH architecture, though for all we know at this point, it could packing the upcoming AMG-sourced turbo eight and new platform. What we can see is that the styling is a radical departure from the design language to which Aston adhered rather rigidly over the past couple of decades, potentially previewing a new styling direction for the British marque. Unfortunately you shouldn't expect to see one in your neighborhood, because production will be strictly limited and exclusive to the Middle East.