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Aston Martin confirms Mercedes-AMG boss Moers to replace CEO Palmer

Aston Martin confirmed on Tuesday that Tobias Moers, CEO of Mercedes-AMG, would become chief executive on August 1, replacing Andy Palmer, who stepped down on Monday. The Financial Times newspaper reported over the weekend that Palmer would step down, before he had been informed. A source familiar with the situation had also confirmed to Reuters the planned move. "The board has determined that now is the time for new leadership to deliver our plans," Lawrence Stroll, Aston Martin Lagonda's Executive Chairman said. The company said Moers, who will be based at its headquarters in Warwickshire, had built a reputation for transforming businesses in tough environments during his 25 years in senior roles at Daimler. Germany's Daimler AG owns a 5% stake in Aston Martin and supplies the carmaker with Mercedes-AMG engines. "Under Tobias’ leadership, Mercedes-AMG has more than doubled its product portfolio and quadrupled the number of AMG units sold, with a clear pipeline of further expansion opportunities, especially in electrification of powertrains in the performance segment," Aston Martin said in a statement. "TobiasÂ’ focus on operating and manufacturing efficiency has delivered significant margin expansion. This strong financial performance was supported by the introduction of a clear brand management strategy, which delivered a measurable increase in brand value and awareness." Aston Martin 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. "All of my and TobiasÂ’ energy will be dedicated to building on the CompanyÂ’s inherent strengths, its brand, its engineering prowess, and the skills of its people to enable Aston Martin to become one of the pre-eminent luxury car brands in the world," Stroll said. Related video:

Geely in talks to take a stake in Aston Martin

China’s Geely Automobile Holding held talks with Aston Martin management and investors as it considers investing into the British luxury carmaker, the Financial Times reported on Friday. Geely is conducting due diligence as it looks at taking a stake in the 107-year-old UK firm, which warned earlier this week its 2019 profits would by cut nearly in half due to weak European markets. Another report out today said that Aston had canceled its RapidE electric car because of its financial situation. Geely owns controlling stake in another British car company, Lotus, and also the London EV Company, which makes London cabs. It also owns Volvo and a nearly 10% stake in Daimler. Aston Martin was not immediately available for comment. Geely did not immediately respond to a request for comment.  Related Video:     Earnings/Financials Green Aston Martin Geely

UK offers Aston Martin military base to produce DBX in Wales

The British government is doing its best to encourage Aston Martin to build the DBX in the United Kingdom. To that end, Prime Minister David Cameron made a public offer to the automaker Thursday to make use of a military facility in Wales to produce the crossover. The location is St Athan, a Royal Air Force base and Ministry of Defence facility with space left vacant since a planned military academy earmarked for the site was canceled less than five years ago. One of its empty hangars is what Cameron offered to Aston Martin, according to the BBC. The facility is located near the airport in the Welsh capital of Cardiff, a little over two hours from the company's headquarters and principal manufacturing site in Gaydon. If Aston takes the bait, the site would be used to manufacture the DBX that would become the company's first crossover. Rivals Jaguar, Bentley, Maserati, and Lamborghini are all planning to launch their first crossovers, as well. Aston showcased a concept version of the DBX at the Geneva Motor Show this March, but the production version is expected to go a bit more mainstream, ditching the electric powertrain and two-door layout in favor of more conventional propulsion and four-door setup. The company is also said to be considering opening a new facility in the United States, specifically in Alabama near the Mercedes plant there, to handle production of the DBX. Other locations within the UK are also said to be under consideration, but Aston has yet to make a decision – or at least an announcement – on where the crossover might be assembled. When Aston previously branched out with the launch of the Rapide, it contracted Magna Steyr to handle assembly on its behalf in Austria, before moving production back home. The contract manufacturing facility is the same to which the Jaguar Land Rover is expected to entrust assembly of the F-Pace crossover. It's also where the G-Class is built for Mercedes, which in turn similarly hired AM General recently to assume production of the R-Class crossover. Related Video: