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Aston Martin speeds ahead with October IPO worth perhaps $6.7 billion

LONDON — Luxury British carmaker Aston Martin is seeking a valuation of up to 5.07 billion pounds ($6.7 billion) from its stock market flotation and has taken steps to prepare for any eventuality over Brexit, it said on Thursday. The company, famed for making the sports car driven by fictional secret agent James Bond, said last month it was pursuing an initial public offering (IPO), the first British carmaker to do so for decades. The automaker will publish a prospectus later on Thursday and hopes to announce its final pricing on or around Oct. 3. It expects its shares to be admitted to the London Stock Exchange on or around Oct. 8. Carmakers have warned about the impact of any customs checks introduced as a result of a no deal or hard Brexit which could slow down production and add costs when Britain leaves the bloc in March 2019. The boss of Aston, which builds all its cars in Britain, said the company had boosted its stock of engines and components in case free and unfettered trade with the European Union ends in a few months' time. "We're up to five days of engine stock for example and we've got a very large warehouse in Wellesbourne (in central England) where we have at least five days of car stock," Chief Executive Andy Palmer told Reuters, an increase from the previous three days' worth of components held by the firm. "If there are tariffs ... for every car we lose because of a 10 percent tariff into Europe, we presumably pick up from Ferrari and Lamborghini in the other direction because obviously their cars become more expensive in the UK," he said. London and Brussels hope to conclude a Brexit agreement by the end of the year, but fellow carmakers such as BMW and Jaguar Land Rover (JLR) are worried that failure to agree could lead to snarl-ups at motorways and ports, disrupting production. JLR boss Ralf Speth warned last week that the wrong Brexit deal could cost tens of thousands of car jobs and risk production at the firm, Britain's biggest carmaker. Aston, which has set a price range of 17.50 pounds to 22.50 pounds per share for the 25 percent of stock it is floating, is targeting a market capitalization of between 4.02 and 5.07 billion pounds. The carmaker, which has long said it could pursue a listing, has undergone a turnaround plan since Palmer took over in 2014 as it boosts its volumes and expands into new segments with a new factory due to open in 2019.

Weekly Recap For 7.8.16 | Autoblog Minute

Senior Editor Greg Migliore recaps the week in automotive news, including a look at the new V12 hypercar coming from Aston Martin and Red Bull Racing. Aston Martin Jeep Autoblog Minute Videos Original Video autos Red Bull Racing hypercar am-rb 001

Aston Martin confirms 3.0-liter turbocharged V6 for Valhalla

When the Aston Martin Valhalla hits the scene in 2022 (hopefully), it will be powered by an all-new 3.0-liter turbocharged V6 engine that will be fortified and electrified in a hybrid configuration that we don't yet know much about. Interestingly, Aston Martin says the V6's hybrid element will be tuned and sized for each specific vehicle in which it's installed. In the Valhalla, the dry-sump engine will be mounted directly behind the passenger compartment, and its so-called 'hot V' design will allow for relatively compact dimensions. And compact also means lightweight — the automaker says the complete engine weighs less than 440 pounds. Just the fact that the British automaker is investing the engineering effort to produce a new engine is significant. The company hasn't engineered its own in-house powertrain since 1969, when Tadek Marek's 5.3-liter V8 engine found its way under the hood of Aston Martin's aptly named DBS V8. The new 3.0-liter V6 is codenamed TM01 in Marek's honor. With that in mind, we expect this powerplant to serve in various Aston Martin models for a number of years. We look forward to further details in the future, especially the all-important horsepower and torque figures. In the meantime, feel free to peruse the high-resolution image gallery above, where you'll see intricately milled castings along with the engine undergoing dyno testing and running red hot with the lights down low.   Related Video: