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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:

Aston Martin previews EV conversions with electric 1970 DB6 Volante

If you're a fan of classic British sports cars, and you're concerned about the environment, the future is looking pretty bright. Similar to what Jaguar is preparing for old E-Types, Aston Martin has just announced that it is developing "cassette"-type electric powertrains that it can drop into classic Aston models. By "cassette," the company means that the whole powertrain assembly can be easily bolted into an existing Aston Martin, and just as easily be replaced by the original internal combustion engine if desired. The first car to undergo the electric conversion is a 1970 Aston Martin DB6 Volante, and the prototype powertrain bolts up to the factory engine and transmission mounts. If it weren't for a photo showing it plugged into a charger, it would be impossible to tell that it had an electric motor under the skin. Even the interior looks unchanged. Aston Martin says that a small screen has been added that displays motor and battery management, but we can't find it in the photos. This is a stark contrast to the Jaguar E-Type Zero Concept that featured a modern interpretation of the original interior. Aston Martin didn't reveal any detailed specifications of the powertrain, though. So horsepower and range are complete mysteries at the moment. Aston did note that production examples of this powertrain will use components from the very limited-production Rapide E. That sedan used dual motors for 610 horsepower and 700 pound-feet of torque. Surely the conversion kit will only use one motor for packaging, and since the Rapide E's full power would be unnecessary and deviate far from the original performance and character of the classic car. Also, Aston claimed a range of over 200 miles for the Rapide E, but classic conversions may be less due to space restrictions. Something closer to the E-Type Zero's 170-mile range seems likely, and coupled with DC fast charging, should be more than enough for a car that likely won't be driven as often or as far as a more modern vehicle. Exact timing and availability still have yet to be announced. Aston only said that it plans to start on conversions sometime in 2019. Since Aston plans on delivering Rapide E models toward the end of 2019, the year is shaping up to be a big one for electric Astons. Related Video:

Mercedes will still provide V8 engines to Aston Martin

News of Mercedes suspending sales of the vast majority of its V8-powered cars for the 2022 model year hit the presses about a week ago. However, what wasn’t explained then was the fate of Aston Martins with Mercedes-AMG V8 engines. Many Aston Martin products are powered by AMGÂ’s 4.0-liter twin-turbo V8 engine (the M 177 version affecting AMG products), and itÂ’s one of the motors that we reportedly wonÂ’t see in Mercedes-AMG products next year. Since AMG is struggling to fit its cars with its own engine, that brings into question Aston MartinÂ’s supply of V8s. Car and Driver got some answers from Aston, though, and the situation in the UK doesnÂ’t appear anywhere near as dire as in Germany. “Aston Martin confirms that its supply of V8 engines from Aston Martin AG is not affected," an Aston Martin spokesperson told Car and Driver. So there you have it. AstonÂ’s AMG V8-powered vehicles — Vantage, DB11 and DBX — will supposedly carry on sales without interruption. ThatÂ’s great news for Aston Martin and any uber-wealthy folks who intend to buy one.  At the same time, Mercedes isn't completely out of the V8 game for 2022. In fact, it's still selling cars that directly compete with Aston Martin: AMG GT Coupe and Roadster. Those Mercedes products use the M 178 version of the AMG V8 and are reportedly unaffected by supply issues. ThereÂ’s probably even more to this story as time passes, too. Mercedes has yet to officially acknowledge the stoppage of V8s — we reached out for comment when we published our initial story, but havenÂ’t heard confirmation back yet. When we do, weÂ’ll make sure to update you on whatÂ’s going on. Related video: