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Saudi wealth fund to become Aston Martin's second-largest shareholder

Aston Martin's shares jumped 20% on Friday after the British luxury carmaker announced an capital raising that will see Saudi Arabia's Public Investment Fund (PIF) become its second-largest shareholder with an almost 17% stake. PIF's 78 million pound investment, together with a 575 million pound rights issue, will allow the 109-year-old company lower its debt and invest in new models. PIF will own a 16.7% stake in Aston Martin and will be entitled to two board seats, behind the 18.3% holding Chairman Lawrence Stroll's Yew Tree will have after the rights issue. The sovereign wealth fund, which owns stakes in electric carmaker Lucid Motors and British supercar group McLaren has been diversifying its oil-rich investment portfolio. For Aston Martin, the preferred ride of fictional secret agent James Bond which has gone bankrupt seven times in its history, the investment means it can secure its long-term future. Its current second-largest shareholder, German carmaker Mercedes-Benz AG will own about 9.7% after the capital raising. Debt-Ridden Inheritance "In 2020, I inherited a business in deep trouble that needed to be reset," Stroll told reporters. COVID-19 lockdowns and the disruption to global supply chains has slowed the company's recovery, he added. Half of the new capital will be used to repay debt that stood at 957 million pounds at the end of March. The company also pushed back the date at which it will start producing cash from 2023 to 2024. The carmaker said former owner Italian investment group Investindustrial and China's Geely had proposed up to 1.3 billion pounds in funds last week, which the board rejected. The pair would have injected 203 million pounds for a stake, making them the largest shareholder. Stroll said the proposal would have been highly dilutive to shareholders and believed it was a takeover offer in disguise. ($1 = 0.8446 pounds) (Reporting by Eva Mathews in Bengaluru; Editing by Arun Koyyur, Tomasz Janowski and Louise Heavens) Earnings/Financials Aston Martin

Aston Martin shares plunge to new low following half-year loss

LONDON — Shares in Aston Martin plunged 17% to a post-flotation low on Wednesday after the luxury British carmaker slumped to a half-year loss, the latest automotive firm to be hit by falling demand in Europe. Aston Martin, best known as James Bond's favorite marque, has been undergoing a turnaround plan since Chief Executive Andy Palmer took over in 2014, designed to renew and boost its model line-up and move into new segments. The plan led to an autumn 2018 stock market flotation. But its shares have since fallen by around three quarters from their 19 pounds float price to below 5 pounds, hit most recently by the group's weak performance in Europe, the Middle East and Africa, where half-year demand fell by nearly a fifth. The group posted a pretax loss of 78.8 million pounds in the six months through June from a 20.8 million pound profit in the first half of 2018. Its shares were down 17% at 4.71 pounds by 0748 GMT. "We are disappointed that our projections for wholesales have fallen short or our original targets, impacted by weakness in two of our key markets as well as continued macro-economic uncertainty," Palmer said. Overall wholesale demand grew by 6% in the first six months as the group posted strong increases in the Americas and Asia, but a decline in Britain and the rest of the continent prompted the carmaker to cut its full-year forecast. Aston has also been hit by expansion costs as it builds a new factory in Wales to make its first sport utility vehicle, and a lower average selling price. The company said that if it requires some additional financing it would pursue the funds from sources such as the debt markets. The global car industry has been hit by weakening demand in China and a drop in demand for diesel vehicles in Europe, as well as the cost of electrification. Nissan reported plunging profits last week and said it would undertake its biggest restructuring plan in a decade, axing nearly a tenth of its workforce. But 106-year old Aston also faces the risk of a disorderly Brexit disrupting its wholly British production, as delays at ports due to new bureaucracy could slow down the movement of vehicles and components. "We do not want a no-deal Brexit because of the disruption that causes to issues at the border," said Palmer.

Aston Martin DBX Luggage Test | Is there actually U in Aston's SUV?

Does it really matter how much stuff can fit in the cargo area of an Aston Martin? Yes! The brand has forever been known as the purveyor of GT cars, those intended specifically for grand touring over some significant distance where bringing along some stuff is likely. Two suitcases at the minimum, I'd say, with a decent amount of space inside for odds, ends, purses and/or little dogs. Good luck doing that in an Audi R8.  The Aston Martin DBX is an extension of that concept, admittedly to an extreme degree. Your tour is going to be so grand that you'll need even more stuff or have a bigger dog or need to bring the kids along or need to travel some distance over a rugged road. I like to think of it as a family GT car.  So, how family friendly is it? Well, the vast wheelbase provides a stunning amount of back seat space. I could easily fit my son's enormous Britax Boulevard rear-facing car seat and still have more than enough room for all 6-foot-3 of me to sit comfortably in the front passenger seat. I didn't even need to put it that far forward. That's rare. I've had to move up minivan front seats. Does the Aston Martin DBX have space for a rear-facing car seat? pic.twitter.com/RRYNN4O0li — Autoblog (@therealautoblog) February 13, 2022 But I'm here to talk cargo capacity, which is officially listed at 22.3 cubic-feet behind the back seat. I can tell you right now that's deceptive — there's far more than that would imply. Aston Martin, much like Mercedes-Benz, Porsche and perhaps Land Rover, must be using a different measurement than most in the industry. A capacity of 22.3 cubic-feet would be in the midcompact SUV range, in between a Mazda CX-30 and Kia Seltos. I can definitively say it has more space than those. In fact, it has more space than compact luxury SUVs like the Genesis GV70, which is listed at 28.9. I would not be surprised if it would be in the low 30s if Aston Martin used a different measurement. You're not going to find may cargo areas with nicer carpet than this thing. Having a rubberized floor covering to keep in the garage would be a good idea. Now, like most SUVs, the DBX includes a cargo cover. It certainly isn't normal, though. It's a rigid piece, which is common among hatchbacks and crossover-coupes that have low rooflines that don't really afford much usable space between the cargo cover line and roof. That's not quite the case here.