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Major Aston Martin shareholder cuts stake in British carmaker

A top Aston Martin shareholder cut its stake in the British carmaker by nearly 5%, a regulatory filing showed on Monday. Italian private-equity firm Investindustrial Advisors Ltd disclosed a stake of 14.99% in Aston Martin as of May 29, compared with its previous stake of 19.92%. It was not immediately clear why the fund cut its stake.  Investindustrial is the company's second-biggest shareholder after Canadian billionaire Lawrence Stroll, according to Refinitiv Eikon data. The 107-year old luxury carmaker in May posted a deep first-quarter loss after sales dropped by almost a third due to the impact of the novel coronavirus outbreak. Aston Martin and the PE firm did not immediately respond to requests for comment. (Reporting by Pushkala Aripaka in Bengaluru; Editing by Anil D'Silva) Related Video:

This is Aston Martin's sexy 580-hp Vanquish S Volante convertible

You might remember that we drove the Aston Martin Vanquish S earlier this month. That was the fixed top twin to this car, the S Volante, which we're getting our first look at. Since they're mechanically identical save the top mechanism, we can give you a sense of what the S Volante will be like. In a word, it'll be awesome. Remember, the Vanquish S twins are lovable dinosaurs in the powertrain department. Both feature a naturally-aspirated, 5.9-liter V12 – that means no turbochargers. It might make a healthy 580 horsepower at 7,000 RPM and an equally healthy 465 lb-ft of torque at 5,500 RPM, but it's an endangered species. It is, however, a sonorous beast with incredible throttle response (no lag!) – and it's backed up with the smooth, well-regarded ZF 8-speed transmission, just like the coupe. The similarities are fun, but the vive la difference. Especially in profile, with the top down, the Vanquish S Volante is beautiful. The small cowl humps are a racey, tasteful touch. There's almost assuredly some sort of weight penalty associated with choosing the Volante version, and there's definitely a cost penalty. The Vanquish S Volante will start at $315,775, or an $18,000 premium over the fixed-top version. From there, you can spend a lot more with various personalization options. Update: An Aston Martin representative told us there isn't an official Vanquish S Volante weight figure to release at this time. For reference, the old non-S Vanquish Volante was 232 lbs heavier than the coupe. The Vanquish S coupe weighs 3,834 lbs, so it's a save assumption that the Volante version will be slightly north of 4,000 lbs. We'll update you when an official weight figure is released. Both versions will hit US dealers in April. Related Video: Featured Gallery 2018 Aston Martin Vanquish S Volante Aston Martin Convertible Luxury Performance aston martin vanquish aston martin vanquish s

Aston Martin skids in stock market debut

LONDON — Shares in luxury automaker Aston Martin fell as much as 6.5 percent on their market debut in London on Wednesday as investors and analysts raised concerns over Aston's ability to deliver an ambitious rollout of new models. The company, which last year made its first profit since 2010 and has gone bankrupt seven times, had priced its shares at 19 pounds each, giving it a market capitalization of 4.33 billion pounds ($5.63 billion). The shares fell to as low as 17.75 pounds. Aston Martin has plans to launch a new model every year from 2016 to 2022. "(It) has very aggressive growth plans. The execution of that growth needs to be flawless — nothing eats cash more than a car company when the cycle turns. There is concern that it's more cyclical than the commentary has been," said James Congdon, managing director of cashflow returns specialist Quest. "The banks have done a good job for their client — but there's no bounce." Aston is going all-in Aston Martin — full name Aston Martin Lagonda Global Holdings Plc — expects to produce around 7,100 to 7,300 cars in 2019, and 9,600 to 9,800 cars in 2020. It aims to increase production to 14,000 cars in the medium term, helped by new models and improving its manufacturing process. The company is investing all of its cashflow to try to achieve this, leaving nothing for dividends or paying down debt. "In terms of execution risk — this is what I've done for all of my career. I'm an engineer: we mitigate risk," Chief Executive Andy Palmer, who has led a turnaround plan at the company since 2014, told Reuters. Palmer played down risks to the business from Britain leaving the European Union, even as other car manufacturers step up warnings over a disorderly Brexit. He said Aston Martin was "relatively well insulated" from the effects of Brexit because Europe is not its biggest market and it may actually benefit from exporting with a cheaper pound. However, 60 percent of its parts are imported from the EU and will be hit by tariffs if there is no trade deal. "Obviously we'd all prefer no tariffs to be frank, no doubt, but the industry has to learn to adapt, and it always has adapted to changes," Palmer said. Valuation In 2017, Aston Martin had adjusted earnings before tax interest, depreciation and amortization (EBITDA) of 206.5 million pounds, up from 100.9 million pounds in 2016.