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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.

Newest Spectre trailer shows DB10, car chases, awesomeness

It's not due in theaters until November and it's not like we've detected any weaknesses yet, but here we are with another trailer for the upcoming James Bond film, Spectre. That is not a complaint, because it looks like it's going to be, as one YouTuber said, "Spectretacular!" We digress. This time we get a little more of the Aston Martin DB10, including the top line for the spec sheet: Q says it will do 0-60 miles per hour in 3.2 seconds. Putting on the hat that lets us sincerely debate totally fictitious facts in a totally fictitious universe, we don't think that's fast enough to stay away from the villain's Jaguar C-X75, but it's not like Bond needs to when he's got flamethrowers. So there. You 'll find the latest bout of awesome in the clip above, and look for all the throwback cues. Christoph Waltz dresses like one Ernst Stavro Blofeld and uses the same interior decorator. Bad guy Dave Bautista in a three-piece suit is remarkably reminiscent of Oddjob, and there are various nods to On Her Majesty's Secret Service. Enjoy. News Source: James Bond 007 via YouTube TV/Movies Aston Martin Jaguar Coupe Concept Cars Luxury Special and Limited Editions Performance Videos spectre jaguar c-x75 aston martin db10 movie trailer

Check out Christina Nielsen, the 23-year-old Dane leading the IMSA GTD series

Thanks to hard driving, a good car, consistency, and four podiums this season, 23-year-old Christina Nielsen from Horsholm, Denmark owns the lead of the GT Daytona class in the IMSA Tudor United SportsCar Championship. It's a slim lead at 199 points, just two points over Christopher Haase and Dion von Moltke, co-drivers of the #48 Paul Miller Racing Audi R8 LMS who are second and third and both on 197 points. Nielsen drives the Aston Martin Racing #007 TRG-AMR V12 Vantage GT3 in both USCC and the GTA class of the Pirelli World Challenge. Kuno Wittmer is her co-driver in the USCC, you might remember him as the winner of the driver's championship with the short-lived Chrysler factory team. TRG-AMR recently inducted the Canadian and 17-year-racing veteran to the be the team's number one development driver and be a mentor to Nielsen. Nielsen is the daughter of a Danish sports car racer but she only started racing in 2007 when a friend took her to a kart track. She said she got hooked on that first visit, and in 2011 she finished third in the Karting World Championships. Two years later she won the B Championship at the German ADAC GT Masters with 14 podiums in 16 races, including two victories. Last year she drove in the Patron Endurance Cup and Porsche GT3 Cup Challenge, this year she graduated to TRG-AMR. There are three races left in the USCC season, and Nielsen said she likes the upcoming tracks and the team's chances. You can check out her race-craft in the two videos below. News Source: IMSAImage Credit: Brian Cleary/Getty Images Motorsports Aston Martin Coupe Racing Vehicles Videos uscc