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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)

Mercedes F1 boss Toto Wolff takes a stake in Aston Martin

LONDON — Mercedes Formula One boss Toto Wolff has taken a stake in British sportscar maker Aston Martin, whose executive chairman Lawrence Stroll runs the Racing Point F1 team, according to company filings. A Mercedes F1 spokesman said Wolff's move was purely an investment on the Austrian's part and would be diluted by a rights issue on Monday from 4.77% to less than 1%. "Fully diluted following the pending rights issue, this investment will represent a 0.95% stake in the company," he added. "It is a financial investment and Toto's partnership and executive role with Mercedes are unaffected by the transaction." Swiss billionaire Ernesto Bertarelli has also bought a 3.38% stake which will be similarly diluted. Wolff previously had a 16% shareholding in former champions Williams but sold that after he joined the Mercedes team, where he serves as principal and owns 30%. Canadian billionaire Stroll, whose son Lance drives for Racing Point alongside Mexican Sergio Perez, is close to Wolff. The Silverstone-based team — to be renamed Aston Martin next year — use Mercedes engines and gearboxes. Mercedes-Benz's parent Daimler also has a small stake in Aston Martin. "It's clear that Aston are now Mercedes' B team," the Daily Mail quoted one Formula One insider as saying. Wolff's future at Mercedes has been the subject of some media speculation, with the 48-year-old linked variously to senior management roles with Liberty Media-owned Formula One and at Aston Martin. His Aston Martin shares were bought from Yew Tree Overseas Limited, a vehicle controlled by Stroll who acquired a roughly 25% percent holding in Aston Martin with a consortium of investors. Mercedes have won the past six Formula One drivers' and constructors' titles but have six times world champion Lewis Hamilton out of contract at the end of the 2020 season, which has yet to start due to the COVID-19 pandemic. Hamilton, who has also been linked to Ferrari, had told reporters before the global crisis changed the sporting and financial landscape that his decision would depend on Wolff's plans. The Briton is now expected to stay at Mercedes, with a radical overhaul of Formula One's sporting and technical regulations postponed to 2022. Related Video: Motorsports Aston Martin Mercedes-Benz

The Aston Martin Vanquish Zagato Volante is a beautiful mouthful

Aston Martin makes some of the most beautiful sportscars in the world. There are few bad looking Astons and most attempts to modify or change the cars' characters usually ends terribly. Zagato, the Milan-based coachbuilder, is one of the few companies that seems to get it right. Last year, the company debuted its Aston Martin Vanquish Zagato coupe and Vanquish Zagato Volante convertible. These new spy shots show the production car in action. As the name suggests, the Vanquish Zagato Volante is simply a Aston Martin Vanquish Volante restyled by Zagato. That means a 5.9-liter V12 sending 592 horsepower to the rear wheels. Expect a 0-60 mph time of 3.7 seconds. That's nearly as quick as the new Aston Martin DB11. The Vanquish Zagato Volante keeps the standard car's long-hood short-deck proportions, but most of the bodywork has been redone. The grille keeps the standard Aston Martin outline, but it grows in size and bubbles out just slightly. Round LED lights sit at the corners of the Z-emblazoned grille. Around the side, we can see the gold-accented wheels and fender. There is a deep cut for airflow just behind the rear wheel. The shape mimics that of the standard car, but changes it just enough to make it special. A carbon-fiber lip runs around the bottom of the entire car. Out back, the wing-shaped taillights have been replaced with round units that use bladelike LEDs. The quad exhaust tips remain in place, but they appear to sit slightly higher than on the standard car. The small rear wing raises and lowers at speed for increased downforce. Just 99 of these Vanquish Zagato Volantes will be built. Most are likely spoken for, going to owners of the coupe version of the car. After all, if you have one, you might as well have the set. Related Video: Featured Gallery Aston Martin Vanquish Zagato Volante View 12 Photos Image Credit: CarPix Design/Style Spy Photos Aston Martin Convertible Luxury Performance aston martin vanquish aston martin vanquish volante aston martin vanquish zagato