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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 Valkyrie officially makes 1,160 horsepower

The Aston Martin Valkyrie hypercar will have a total system output of 1,160 horsepower and 664 pound-feet of torque. We knew the raw figure from the naturally aspirated V12 engine was 1,000 horsepower, but a few details on the KERS-style hybrid assistance system were released today. In doing the math, this means the single electric motor mounted in the gearbox is responsible for adding 160 horsepower and 207 pound-feet of torque to the equation. Aston says the electric motor and battery pack were developed with the help of Integral Powertrain Ltd and Rimac as suppliers and partners. We all know Rimac for its ridiculous electric supercars it has made, so it looks to be a smart partnership for now. Peak combined power is made at a dizzying 10,500 rpm, with peak torque coming in at a still-high 6,000 rpm. If you missed out on the engine breakdown from this past December, then know the 6.5-liter V12 will keep spinning until 11,100 rpm. We're guessing this race-car-like number drops your jaws, just as it does ours. Cosworth and Aston Martin teamed up to create this beauty of an engine — sound clips of it running make us think we're listening to historical Formula 1 footage; it's that good. This news comes ahead of the 2019 Geneva Motor Show next week, which could prove itself a launching pad for even more information to be learned about the Aston Martin hypercar. At this point we know there will be an even more exclusive AMR Pro track-only variant and a track pack option for the "normal" Valkyrie, which isn't all that normal itself. It's expected to weigh a light 2,200 pounds and have an unrestricted top speed of 254 mph. Aston appears to be continuing development on the car, so don't consider those final quite yet. Related video:

Giving this '67 Aston DB6 the James Bond treatment only required drilling one hole

Paul is a Brit living in Southern California and still connected to his native land by, among other things, being a collector of all things James Bond. That led to him buying a 1967 Aston Martin DB6, having lusted after a DB-series car since he was nine, and fitting it with every "accoutrement" from James Bond's 1964 DB5 in Goldfinger and Thunderball. Getting features like the slicer wheel caps, console-activated oil slicks, blast shield and radar screen fitted required Paul to find his own Q-Branch director, this one named Brian Uiga, a gent who had done the same with his BMW 7 Series. As for what it took, Paul said, "We got together and planned the project and set a budget, and... the plan didn't work and the budget was toast." Still, they got it done - including the ejector seat - and it only required drilling one hole. You can see the result in the video below.