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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 SUV production to start in late 2019

Aston Martin has confirmed it's upcoming SUV will begin production at a new factory beginning in late-2019. The high end sport-utility will be similar in size and design to the DBX Concept, which Aston Martin first exhibited in Monterey back in 2015. Since it first debuted three years, the market for exotic and hugely expensive sport-utilities has gotten red-hot and highly competitive. New models in this rarefied segment of the sport-utility world now include the Lamborghini Urus, Rolls-Royce Cullinan, and Bentley Bentayga. The plant where Aston will build its SUV is based in St. Athan, Wales, on the site of a former Royal Air Force base. A total of three former aircraft hangars are being combined, to create this new facility. This factory is only part of a larger expansion plan that will add roughly 1,000 new employees to Aston Martin's ranks, stationed throughout its existing facilities in Gaydon and Newport Pagnell, along with the new St. Athan-based site. "We are delighted at the progress being made at the St Athan site. The team have done a fantastic job in advancing the facility and I was incredibly proud to chair our first Board meeting at the new plant," said Andy Palmer, Aston Martin's president and CEO. Showing how important adding a truck is to its future business model, Aston confirmed a total of 150 employees will be assigned solely to "pre-production preparations" related to the company's upcoming SUV. Related Video:

Aston Martin’s Valkyrie looks ready to melt ice in new photos

Aston Martin took to Instagram to release a trio of official images of its forthcoming Valkyrie hypercar bathed in a graduated, nose-to-tail ice blue color scheme befitting its mythological Nordic name and making it look sleek, fast and aggressive. Built from a partnership with Red Bull Racing, the Formula 1-inspired but road-legal car appears to have been further refined since we last saw comprehensive images of a prototype last year. CEO Andy Palmer last month tweeted a 20-second teaser clip to show off the high-revving, F1-like sound of its 6.5-liter V12 engine, which is loosely based on Cosworth's 2.4-liter V8 but rumored to hover above 1,000 horsepower, plus more from a kinetic energy recovery system working the front axle, making it likely the fastest street-legal production car. Taking inspiration from today's #F1 race cars, Aston Martin Valkyrie features a reclined 'feet up' position, ensuring the driver feels at one with the car for the ultimate drive experience #BeautifulToDrive #AstonMartin #AstonMartinValkyrie A post shared by Aston Martin (@astonmartinlagonda) on Nov 1, 2018 at 11:30am PDT The F1 influence is clear from the shot of the cabin, which is swathed in carbon fiber and where the seats are positioned in a reclined "feet up" position. It also features six-point harnesses for driver and passenger, and a steering wheel that will display all information for the driver. There are also two screens visible — one centered on the console, the other positioned near the door jamb, which is likely a camera-monitor replacement for side mirrors, meaning there's almost certainly a third screen on the driver's side that isn't visible in the photo. Motor 1 reports that the Valkyrie is in the final stages of simulation, with an actual car set to begin testing late this year or early in 2019, though the final version will likely weigh a bit more than its targeted 2,204 pounds. All 150 models have been sold out and are scheduled for delivery in 2019. A track-only Valkyrie AMR Pro said to make 1,100 hp and do a top speed of 225 mph is also planned for 2020. Related Video: Featured Gallery Aston Martin Valkyrie Image Credit: Aston Martin Aston Martin Coupe Luxury Racing Vehicles Performance supercar Red Bull Racing hypercar Aston Martin Valkyrie aston martin valkyrie amr pro