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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:

Major Aston Martin shareholder cuts stake in British carmaker

A top Aston Martin shareholder cut its stake in the British carmaker by nearly 5%, a regulatory filing showed on Monday. Italian private-equity firm Investindustrial Advisors Ltd disclosed a stake of 14.99% in Aston Martin as of May 29, compared with its previous stake of 19.92%. It was not immediately clear why the fund cut its stake.  Investindustrial is the company's second-biggest shareholder after Canadian billionaire Lawrence Stroll, according to Refinitiv Eikon data. The 107-year old luxury carmaker in May posted a deep first-quarter loss after sales dropped by almost a third due to the impact of the novel coronavirus outbreak. Aston Martin and the PE firm did not immediately respond to requests for comment. (Reporting by Pushkala Aripaka in Bengaluru; Editing by Anil D'Silva) Related Video:

Cosworth briefly crows that Aston Valkyrie's 6.5L V12 has record horsepower

It's only natural that Cosworth would want the world to know that it's building the world's most powerful naturally-aspirated engine for the Aston Martin Valkyrie and Valkyrie AMR Pro. The timing of when the world should know about it, that's at issue. Yesterday the English engine maker's official Twitter account posted a picture of the barely-there coupe and the line, "We're famous for breaking records and our latest engine, the Aston Martin Valkyrie 6.5-litre V12, will be the world's most powerful naturally aspirated road engine with 1,130bhp." Two tags accompanied the post, #Cosworth and #AstonMartinValkyrie. About 90 minutes later, the tweet disappeared. The likely issue is that Cosworth got ahead of Aston Martin's official confirmation of Valkyrie outputs, something we're more used to from patent offices and Chinese model makers. The question is what output is Cosworth really talking about, and which car. All of last year, however, various reports had the street-legal Valkyrie making 1,130 hp. A Road & Track report attributed "nearly 1,000 hp" coming from the NA V12, the remaining 130 from a kinetic energy recovery system working the front axle. Hence, we're not sure if Cosworth's talking about its own engine alone at 1,130 hp, or its engine with the KERS. But then there's this: At the launch of the Valkyrie AMR Pro during the Geneva Motor Show this year, Aston Martin said the track-only Valkyrie AMR Pro would enjoy "a combined power output of more than 1100 bhp — more than the Valkyrie road car and a figure than comfortably exceeds the magic 1:1 power-to-weight ratio." The truth's a mystery for now, which is just as Aston Martin would want it. If Cosworth's engine really does make 1,130 hp on its own, that would be monstrous, and it would mean the automaker's been playing a serious game of English understatement. Even if Cosworth included the hybrid help, however, an NA V12 with 1,000 ponies would take the crown. The only competition is the 6.5-liter V12 in the Ferrari 812 Superfast, and that's 211 horses adrift. The quad-digit figures expected from Mercedes-AMG Project One and McLaren Speedtail require turbochargers, as does the just-teased V8 going into the Shelby Tuatara. With the first of 150 Valkyrie road car deliveries scheduled for next year, we probably don't have that much longer to wait to find out. Related Video: