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Aston Martin's lifeline buys carmaker time as SUV hits road

Canadian billionaire Lawrence Stroll and investors have rescued Aston Martin with a 500 million pound cash injection that analysts say will help stabilize the British carmaker whose first sport utility vehicle (SUV) is set to hit the road. Stroll agreed to buy up to 20% of the 107-year-old company and will become executive chairman of James Bond's automaker of choice, which has gone bankrupt seven times in its checkered history. A consortium led by Stroll will invest 182 million pounds($239 million), whilst major existing shareholders - primarily Italian and Kuwaiti private equity groups - will be part of a rights issue to raise 318 million pounds. "It likely gives them enough liquidity to tide them over for a couple of years," said Charles Coldicott, Redburn equity research analyst. Outgoing chairwoman Penny Hughes, who will be replaced by Stroll, spelt out the degree of trouble the firm has been in after core sales fell last year. "The difficult trading performance in 2019 resulted in severe pressure on liquidity which has left the company with no alternative but to seek substantial additional equity financing," she said. "Without this the balance sheet is not robust enough to support the operations of the group." Now Aston will need to turn the financial lifeline into part of a sustainable plan as it delays investment in electric vehicles and cuts its operating costs. A key future milestone includes around 1 billion pounds worth of debt due to mature in 2022. The company also suffers from lower gross margins than rival Ferrari, according to analysts at Jefferies, who have said scaling up is just as important as extra capital. Key to the company's success is its first foray into the lucrative SUV market, a late entrant compared to many rivals such as Volkswagen-owned Bentley and BMW's Rolls-Royce. Aston has built a new factory in Wales to make the model, known as the DBX, which it hopes will attract more women to the brand and some buyers to purchase both it and a vehicle from its traditional line-up. With the DBX model not due to roll off the production line until the second quarter of this year, the firm has taken the cost with only some of the benefit so far. Based in central England, Aston said earlier this month that it already had around 1,800 orders for the car which will retail for 158,000 pounds in Britain, a "materially better" rate than for any previous models.

Aston Martin DB11 fully exposed before Geneva debut

You're forgiven if you don't remember much about Daniel Craig's last adventure as James Bond 007 in Spectre. The movie was largely forgettable, but the Aston Martin DB10 built for the film was nice to look at, until it took a swim in the Tiber. Since the DB10 was never intended for production, the DB11 is on its way as a DB9 replacement. We've been seeing camouflaged DB11 prototypes running around Europe for a while now. And now, thanks to a photographer taking a picture when he or she wasn't supposed to, and posting that image to Twitter, we can show you what the front of the upcoming DB11 looks like well ahead of its probable Geneva Motor Show debut. Twitter user @Rudybenjamin13 posted the photo you see below earlier today, although with the caveat that the account was just sharing the photo and didn't take it. Whether that's the case is neither here nor there. On me dit que je risque d'etre emmerde donc tant qu'a faire ... #astonmartin #DB11 . Je relaie .... pic.twitter.com/Xle3BkjJF9 — RudyB001 (@Rudybenjamin13) February 17, 2016 It's a much more traditional front fascia than the DB10's concept-car aesthetic. Bigger, road-legal headlights and a more traditional Aston grille bookend an incredibly sculpted hood. Where the DB10 was shark-nosed and aggressive, the DB11 looks traditional and profoundly powerful. It will fit right into the lineup, which can't quite be said for the DB10, whatever you think of it. From this angle, it's both expected and satisfying. We can't wait to see it in the flesh, hopefully in Geneva. Related Video: Spy Photos Aston Martin aston martin db9 aston martin db11 spectre aston martin db10

Overnight action from the 24 Hours of Le Mans

We won't go into a recap here, but there are still leading positions being fought for in all classes - it's so close that leads are changing when a car goes into the pits. We'll let the recap wait until the end of the race, so for now enjoy some shots from last night's action at the 24 Hours of Le Mans.