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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.

Submit your questions for Autoblog Podcast #379 LIVE!

We're set to record Autoblog Podcast #379 this evening.Check out the topics below, or drop us your questions and comments via our Q&A module. And don't forget to subscribe to the Autoblog Podcast in iTunes if you haven't already done so. To take it all in live, tune in to our UStream (audio only) channel at 10:00 PM Eastern tonight.
Discussion Topics for Autoblog Podcast Episode #379
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2018 Aston Martin DB11 AMR Review | A private world of comfort and speed

There are moments when miniscule adjustments to something wonderful can yield unforeseen enhancements. The addition of a dash of Maraschino liqueur to a perfect Manhattan. The application of a few Newton-meters more pressure in a deep tissue massage. Gold-plating the wire wheels on your Commodore Blue Continental Package-equipped 1985 Cadillac Eldorado Biarritz Convertible. So it is with the Aston Martin DB11 AMR, a slight tweak to the Aston Martin DB11 V12 — already one of our favorite grand tourers. The non-AMR DB11 hosts the ideal combination of profligate luxury, recherche exclusivity, and muscular performance. (The V8 is also ... fine.) But Aston Martin's new AMR performance sub-brand has drizzled its speed effluent onto the DB's componentry and software. The result borders on transcendent. AMR was launched at the Geneva Motor Show in 2017 as the storied British marque's go-fast subsidiary (its M or AMG, if you will). Inspired in name, if not in mission, by the Aston Martin Racing team, it has already resulted in the AMR-ization of a half-dozen Aston vehicles including iterations of the Rapide, Vulcan, Valkyrie, and previous-generation Vantage. The $241,000 DB11 is the seventh in that series, and it will take the place of the "base" DB11 V12 when it appears in the states later this summer. Since Aston recently opened the first of its fancy-pants AMR Performance Centers adjacent to Germany's famed Nurburgring racetrack, it seemed fitting that our test drive of the new car commence there. We snagged the DB's crystal-tipped key fob and spent a couple days tearing everywhere in the Rhineland region that wasn't the "Ring," including narrow wending mountain roads, expertly paved two-lane byways, and unlimited Autobahn uber-highways. AMR's sorcery has, as noted, yielded relatively small changes on paper. The twin-turbocharged 5.2-liter 12-cylinder now makes just 5 percent more horses, for a total of 630. The dampers and springs have been stiffened by about 10 percent, the anti-roll bars front and rear by half that and half again. More rigid engine and transmission mounts have been added for greater stolidity. The transmission has been remapped for increased differentiation across the GT, Sport, and Sport Plus driving modes, selectable via a switch on the right side of the steering wheel.