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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 owners rev up for possible sale or stock IPO

LONDON — Aston Martin's owners have hired financial advisory firm Lazard to prepare for a stock market listing or sale of the British sports car maker made famous by fictional spy James Bond, sources familiar with the matter told Reuters. Italian private equity fund Investindustrial and a group of Kuwaiti investors, who together own more than 90 percent of the marque, are hoping to cash in on a recovery in sales and are in the initial stages of a strategic review. They have hired investment bank Lazard to work on a preliminary plan and could either opt for an initial public offering (IPO) in the third or fourth quarter of 2018 or a trade sale, two of the sources said on Friday. A deal could value the maker of the sports car driven by Britain's Prince William on his wedding day at between 2 billion and 3 billion pounds ($4 billion), one of the sources said, adding a listing was the most likely option. However, no final decision had been taken and the investors could decide to retain control, the sources added. Investindustrial declined to comment while Aston Martin and Lazard did not return requests for comment. Adeem Investment, one of the Kuwaiti investors, was not immediately available. If successful, a float of Aston Martin would be a milestone deal for the 104-year-old car manufacturer and would follow the IPO of Italian sportscar maker Ferrari which made its Wall Street debut in 2015 amid strong investor demand. Investindustrial, led by founder Andrea Bonomi, bought 37.5 percent of Aston Martin in 2012 in what was the fund's best-known investment in Britain. The fund, which has clinched a number of Southern European investments since its launch in 1990, is Aston Martin's single biggest investor and is driving the plans, the sources said. Beside Lazard, other investment banks have approached the private equity fund in recent weeks offering advice ahead of a possible IPO, another source said. Yet no other mandates will be awarded this year for the Gaydon-based firm, which is in the midst of a turnaround plan that aims to restore the business to profitability following six years of losses. Aston Martin, which recently unveiled its new Vantage model, is on course to post its first annual pre-tax profit since 2010 as strong demand for the luxury automaker's DB11 sports car boosts its performance.

Channeling Bond in a 2005 Aston Martin Vanquish S

Spectre is nearly upon us, the next episode in the James Bond series bringing with it a conceptual peek at the future of Aston Martin courtesy of the DB10. As for how much Bond's new ride predicts the DB11 that will be offered to civilians, "elements" is the most concrete word we've heard to describe the bridge from one to the other, and that doesn't tell us much. Still in the dark about where Aston Martin is going, we recently got the opportunity to remember where it's been. Some friends of Autoblog at Regency Car Rental in LA told us we could borrow their 2005 Aston Martin Vanquish S, so we spent the day hunting nefarious types on twisty Malibu roads, then cruising the Valley looking for a tuner shop that could install a minigun. The Vanquish played a role in the 2002 film Die Another Day, back when Pierce Brosnan made a living as the roguish, rakish MI6 asset. The film rekindled the union between the agent and Aston Martin after a three-movie interlude in which Bond drove BMWs, including, oh-so-briefly, a Z3. Returning with a bang – make that thousands of large- and small-caliber bangs – Q Branch fitted the hero car with rockets, guns that could shoot incoming projectiles, machine guns, an ejector seat, and invisibility camouflage. On the chicest streets in the sleekest LA neighborhoods the Vanquish S still passes the look-at-me test. The Vanquish S we picked up from Regency didn't have any of that, but as indicated by that S at the end it did have more power and performance than the standard Vanquish in the movie. Horsepower from the 5.9-liter V12 went from 460 to 520 in the S, and this model also got stiffer springs, new suspension geometry, quicker steering, and 19-inch lightweight wheels. Exterior modifications were a wider, more curved grille, a front splitter (not present on this car), and a larger rear spoiler. On the most chic streets in the sleekest LA neighborhoods the Vanquish S still passes the look-at-me test – everywhere we went, men and women paid attention to our arrival. As for us, we're split on its looks right down the middle of the car. We've been fans of the front since the day of the reveal, especially the front fascia and headlights, but we're still not sold on the rear, starting from where the vertical line in the door where the sheetmetal expands into those trademark haunches. We didn't encounter anyone else with such reservations.