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Aston Martin CEO Andy Palmer to leave in favor of AMG chief Tobias Moers

Aston Martin Chief Executive Andy Palmer is leaving the business as part of a management shake-up and will be replaced by Tobias Moers, CEO of Mercedes-AMG, a source familiar with the matter told Reuters on Sunday. The luxury carmaker said in an emailed statement that it is reviewing its management team but declined to comment on Palmer's fate. Palmer and Germany's Daimler, which owns a 5% stake in Aston Martin and supplies the carmaker with Mercedes-AMG engines, also declined to comment. The Financial Times newspaper had reported earlier that the Aston Martin chief was going to leave as part of a shake-up of its leadership, with an official announcement expected on Tuesday. Palmer had not been informed of the upcoming announcement, the newspaper reported. Aston Martin, famed for being fictional secret agent James Bond's car of choice, has seen its share price plummet since floating in October 2018. The 107-year old British luxury carmaker earlier this month posted a deep first-quarter loss after sales dropped by almost a third due to the impact of the novel coronavirus outbreak. The company has been banking on its sport utility vehicle to drive sales in a new segment, and said production was on track. In January, dire conditions forced the company to bring in Canadian billionaire Lawrence Stroll who bought a roughly 20% stake for nearly 200 million pounds ($263 million), as the ailing carmaker sought to raise funds. The coronavirus pandemic and shutdowns caused by it have hit demand and forced factories around the world to suspend production, negatively impacting many industries, including car manufacturers. "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," Palmer told Reuters earlier in May. Related Video:

Aston Martin deal with Red Bull means F1 tech for Vanquish

Aston Martin and Red Bull Racing made no secret that their AM-RB 001 hypercar (rendering above) would use Formula One tech, but the cutting-edge motorsports knowledge will also trickle down to more accessible Aston Martin vehicles. "Some of the technologies we are developing with Red Bull Technologies and Adrian [Newey] will undoubtedly flow through to the next Vanquish," Aston Martin CEO Andy Palmer told Drive. He thinks the model's price is high enough to allow the use of F1 tech. "I am particularly interested in structural carbon fiber and KERS type technology that you could easily see working in that car," said Palmer. The AM-RB 001 is due for 2018, and the new Vanquish would come afterward. Aston Martin and Red Bull hope their hypercar project sets benchmarks in the class. "The McLaren F1 is the perfect analogy of what we're trying to do - bring Formula One to the road in a genuine and authentic manner," Palmer told Drive. He claims that simulations already show the AM-RB 001 could lap Silverstone quicker than an F1 car. For context, the slowest qualifying time in the British Grand Prix last year was a 1:39.377 lap around the nearly 3.7 mile track. With projects like the hypercar, the next Vanquish, and the latest DB11, Aston Martin has a busy launch calendar over the next few years. A next-gen Vantage is in the company's plans, and there's the DBX crossover, too. The British sports car maker also wants to do two limited-edition models a year, like the Vantage GT12 and Vulcan in 2015. The vehicles for 2016 and 2017 are still mysteries, but 2018 would bring the electric Rapide and the AM-RB 001, according to Palmer. When combined with Mercedes powertrains and technology in future models, the company hopes to appeal to more customers. Related Video:

Aston Martin DBX spied looking like a finished product

The Aston Martin DBX is inching closer to its December reveal, and today we get to see the SUV in its most finished form yet. One of our spy shooters managed to catch a DBX out and about with production headlights, taillights, door handles and rear fascia. It’s great to see the DBX like this, because until now weÂ’ve only seen it in the mule-like form that Aston wanted us to see. Taking a look at the rear end is where things really start coming together. Instead of the odd, pod-like taillights, some slick and thin light fixtures extend from the ducktail spoiler into the rear fender. They look proper on the rear end of the SUV. Just a bit below these are the two exhaust outlets. ThereÂ’s still plenty of camouflage about, but the exhaust tips and molding around it appears to be production-spec. ItÂ’s interesting to see the exhaust so high up on the rear bumper in an SUV, and they also stick out a fair amount. Just watch for the flaming hot tips when loading and unloading items directly after driving it. We also gain a better understanding of what the grille is going to look like up front. Instead of the wire mesh weÂ’ve been looking at before, this maw has actual slats and a defined shape. The headlights look like production units, and there are cutouts for possible foglights down there, too. Instead of the unfinished rear door handles, Aston appears to have installed the electric pop-out units weÂ’ve been seeing in the front for awhile. There are more creases and muscular lines visible all over the vehicle that were covered up previously, too. As September quickly approaches, the DBXÂ’s reveal in December isnÂ’t that far out anymore. A few more months will pass, and then the first Aston Martin SUV will be out. There will be plenty of Mercedes-Benz part sharing, but weÂ’re still excited to see what an Aston SUV ends up like