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Aston Martin CFO departs as stock hits a record low, losses deepen

LONDON — Aston Martin shares slumped to a record low on Thursday after the British luxury carmaker said its losses ballooned last year and its chief financial officer would leave by the end of April. The firm, famed for being fictional agent James Bond's car of choice, posted a pretax loss of 104 million pounds ($135 million) last year compared with 68 million pounds in 2018 following a 9% decline in sales to dealers. Aston Martin is in the midst of restructuring after announcing last month that a consortium led by Canadian billionaire Lawrence Stroll would buy up to 20% of the company and existing shareholders would inject more cash. Its shares, which were listed in October 2018, have been on a steady downward trajectory ever since and hit a record low of 328 pence following the announcements on Thursday, more than 80% lower than their flotation price. "The big difference between last year and this year is the strength of the balance sheet," Chief Executive Andy Palmer told Reuters. "We're in a very different place and have therefore an ability to properly ... destock and that means get the balance right between supply and demand." Chief Finance Officer Mark Wilson will step down from his role no later than April 30 but had not been fired, said Palmer. Coronavirus impact China, Aston's fastest growing market, was a rare bright spot last year with sales rising 28% but the company, like the rest of the industry, has seen demand drop due to the coronavirus outbreak. The virus has infected more than 80,000 people and killed about 2,800, the majority in China, confining millions to their homes, disrupting businesses and delaying the reopening of factories after the extended Lunar New Year holiday break. Aston has seen disruption to the arrival of certain parts but said it had not had to stop production at its factories, with components secured until at least the end of March because it has no direct suppliers in China. "Since almost the first weeks of the New Year we've had issues with those Tier 2 and Tier 3 (suppliers) which have meant that our supply chain guys have had to be on it constantly," said Palmer. "We're ironically benefitting from the fact that we built up a Brexit stock," he said, in a reference to extra components the firm held in case Britain's departure from the European Union led to additional delays in the movement of goods.

Aston Martin AMR-C01 is an Aston you can drive in your living room

Aston Martin has made a lot of amazing cars over the decades. But none of them have been able to be driven inside a house. That sort of changes now, as Aston Martin has collaborated with driving simulator company Curv to create the AMR-C01 simulator rig. The simulator is made completely out of carbon fiber, and according to Aston Martin, the leather-clad seat is designed to reflect the Valkyrie supercar's driving position. The shape of the outer shell also resembles an Aston Martin at the front. It's available in a variety of color schemes, some having been used on Aston Martin race cars and prototypes. In addition to the seat, pedals and steering wheel, the rig features a massive curved screen, and presumably there's a computer hidden somewhere in the bodywork. The company didn't give specifications, but apparently it has "Assetto Corsa" loaded as their simulator of choice. Unsurprisingly, the Aston Martin simulator is not cheap. It costs 57,500 pounds before tax, and that comes to $73,592 at current exchange rates. We suppose for a new Aston Martin, that's not a bad price, though. It's a limited production Aston, too, with just 150 units being built. Those who order one will get it by the end of the year. Related Video:

Aston Martin Vantage gets fresh new nose from Revenant Automotive

BMW's second-generation 4 Series has become the poster child of the shift towards oversized grilles, but Aston Martin jumped on this bandwagon before many when it revealed the current-generation Vantage in late 2017. Its wide, low grille continues to split opinions in 2020, and a British engineering firm thinks it has a better solution. Revenant Automotive redesigned the Vantage with a smaller, subtler grille. It's mounted higher on the front fascia than the original car's, it has black horizontal slats, and it's shaped like a grille Aston's designers could have drawn in-house. It doesn't look aftermarket, which is highly unusual in this corner of the industry. The twin-turbocharged, 4.0-liter V8 engine still needs air to stay cool, so stylists chiseled an air dam into the bottom part of the bumper and concealed it with black trim. The end result is a cleaner, more low-key look. Aston Martin integrated the Vantage's grille into its bumper, so installing Revenant's new-look part is relatively straight-forward. The transformation requires removing the original bumper, probably selling it on eBay for a hefty sum, and bolting on the new one. There is no cutting, sanding, welding, taping, gluing, or riveting required. Revenant's redesigned Vantage bumper is on sale now in the United Kingdom, and it can be shipped to the United States, though the company told Autoblog pricing depends on how it's configured. It's hand-made, and it's available in exposed carbon fiber at an extra cost. Looking ahead, the firm plans to expand its range of aftermarket Aston Martin parts by branching out into paint work and trim pieces, among other areas. It told us it's even planning on redesigning the car's rear end, though it's too early to tell what it will look like yet. Related Video: