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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 may have filed a trademark for a new logo [UPDATE]

UPDATE: Aston Martin did indeed file a trademark for the logo below, but company CEO Andy Palmer has confirmed it will be used for merchandise and won't replace the classic winged logo on cars. Here's Palmer's tweet: For those who reached out, we have no intention to remove/change the Aston Martin Wings.This logo is for merchandise https://t.co/iWdejAwO00 — Andy Palmer (@AndyatAston) January 23, 2017 "There's a shortage of perfect breasts in this world. It would be a pity to damage yours." Those words were spoken by Cary Elwes in the classic 1987 film The Princess Bride. Or, if you prefer, they were written by William Goldman in his book from 1973 by the same name. Either way, it doesn't matter. The point is, there aren't many things in this world that are perfect, and that have stood the test of time without alteration. The Aston Martin logo is one of those rare things. Apparently, Aston Martin filed a trademark application for a new logo. You can see it below. It's unclear where this design might make an appearance. If it's on pens, watches, or some other non-vehicular form, that's fine. If it's on the bonnet of a new supercar rolling down the line at Aston's plant in Gaydon, well... that's another matter entirely. Please, Aston Martin, your logo is perfect and has stood the test of time. Don't even think about changing it. Related Video:

Here's Aston Martin's DP-100 racer for Gran Turismo in all its virtual glory [w/video]

After a little bit of teasing, Aston Martin is finally unveiling its Design Prototype 100 Vision Gran Turismo Concept at the Goodwood Festival of Speed that makes it into Gran Turismo 6 in July. With the DP-100, the company's designers have gotten a chance to shrug off the shackles of realism and create the first-ever Aston Martin "road car" with the engine mounted behind the driver. Designed and engineered over the course of six months by the Aston Martin Design team, the crew started from a clean sheet of paper and were allowed to design whatever they liked with no concerns about production feasibility. At the front, there's the brand's classic grille shape, but otherwise the concept is completely original. The shape of the DP-100 is beautifully simple, looking like a collection of intersecting arches in profile. Of course, in Gran Turismo 6, gamers are going to want to race the car more than look at it. The DP-100 employs Aston Martin's famous V12 engine coupled with two turbochargers to produce 800 horsepower. Active aerodynamic aids keep it planted during cornering, as well. Aston Martin previously hinted that it might show off a physical version of the concept at this year's Goodwood Festival. Although, we haven't seen it yet, the concept would fit perfectly next to Nissan's own Vision Gran Turismo design at the celebration of all things automotive. Scroll down to watch a video of the DP-100's designers talking about the car and read the official release. ASTON MARTIN UNVEILS VIRTUAL DP-100 RACER FOR GRAN TURISMO®6 Design Prototype 100 joins stable of Vision Gran Turismo racers in popular racing game for PlayStation®3 Designed and engineered over six months by Aston Martin Design team Downloadable for in-game play in July 2014 Aston Martin is unveiling an exceptional new addition to the hugely popular PlayStation®3 exclusive racing game Gran Turismo®6 (GT6™) in the shape of the stunning Design Prototype 100 – DP-100 Vision Gran Turismo. Developed in-house by the Design team at Aston Martin, led by Design Director Marek Reichman, DP-100 Vision Gran Turismo is a new, virtual-only GT racer that will be available for Gran Turismo®6 (GT6™) owners to download in July 2014, following the global launch at Goodwood Festival of Speed. Starting with nothing but the traditional 'blank sheet of paper' the design team and design engineers worked for six months to create the new addition to the Vision Gran Turismo stable of race cars.