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Aston Martin CEO Andy Palmer to leave in favor of AMG chief Tobias Moers

Aston Martin Chief Executive Andy Palmer is leaving the business as part of a management shake-up and will be replaced by Tobias Moers, CEO of Mercedes-AMG, a source familiar with the matter told Reuters on Sunday. The luxury carmaker said in an emailed statement that it is reviewing its management team but declined to comment on Palmer's fate. Palmer and Germany's Daimler, which owns a 5% stake in Aston Martin and supplies the carmaker with Mercedes-AMG engines, also declined to comment. The Financial Times newspaper had reported earlier that the Aston Martin chief was going to leave as part of a shake-up of its leadership, with an official announcement expected on Tuesday. Palmer had not been informed of the upcoming announcement, the newspaper reported. Aston Martin, famed for being fictional secret agent James Bond's car of choice, 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. The company has been banking on its sport utility vehicle to drive sales in a new segment, and said production was on track. In January, dire conditions forced the company to bring in Canadian billionaire Lawrence Stroll who bought a roughly 20% stake for nearly 200 million pounds ($263 million), as the ailing carmaker sought to raise funds. The coronavirus pandemic and shutdowns caused by it have hit demand and forced factories around the world to suspend production, negatively impacting many industries, including car manufacturers. "We were obviously fairly significantly hit by COVID-19, starting with China in January but more clearly in what we saw as it came across towards Europe and the United States," Palmer told Reuters earlier in May. Related Video:

Mercedes-Benz launching midsize pickup by end of decade

The pickup is about to get a rethink from Germany. In a rather surprising announcement, Mercedes-Benz says that it's planning to have a midsize truck on the market before the end of the decade. Before you get too excited to drive a pickup with the brand's famous star on the grille, there's some disappointing news. Mercedes is quite clear that the US isn't among the intended markets for the midsize truck, and the company specifically outlines the model for Latin America, South Africa, Australia and Europe. Also, this is a product being developed by the more commercially-minded Mercedes-Benz Vans division responsible for the Sprinter and upcoming Metris. With that in mind, don't expect the interior of an S-Class with a bed in the rear. In fact, at the moment Mercedes isn't giving away many details about its truck, although the company suggests a payload capacity of around 2205 pounds. Inciting this development is the current boom in the midsize truck segment. We're seeing that happen with models like the latest Ford Ranger, the next Toyota Hilux (in development) and a future FCA vehicle. "As part of our 'Mercedes-Benz Vans goes global' strategy, the pickup is the ideal vehicle for the international expansion of our product range with a newly developed model," division boss Volker Mornhinweg said in the brand's announcement. Rumblings of a possible Mercedes pickup came up years ago as a possible partnership with Nissan, but those reportedly would have been badge-engineered models. This latest truck appears to be something wholly Mercedes. "We will enter this segment with our distinctive brand identity and all of the vehicle attributes that are typical of the brand with regard to safety, comfort, powertrains and value," said company boss Dieter Zetsche. Get ready for the Mercedes-Benz among pickups: Mercedes-Benz Vans to launch midsize pickup Stuttgart, Mar 27, 2015 Expansion of product range for sustained global growth Market for midsize pickups primed for first model from a premium manufacturer Mercedes-Benz to enter the high-volume midsize segment before end of decade Main markets: Latin America, South Africa, Australia, and Europe Stuttgart – Before the end of the decade, Mercedes-Benz will expand its product range into a promising segment by launching the first pickup from a premium manufacturer. Thanks to their versatility, all-round utility, and payload of about one metric ton, pickups are popular across the world and thus have good sales potential.

Mercedes-Benz USA confirms relocation to Atlanta

Porsche, you no longer have Atlanta to yourself. Mercedes-Benz USA has confirmed that it will be moving its corporate headquarters (shown above) from Montvale, NJ, to Georgia's most populous city. This is the second high-profile corporate relocation in the past year, as Mercedes follows in the footsteps of Toyota, which announced its relocation from California to Texas back in April (Subaru also announced a relocation, but it was just four miles away from its old offices). According to the German company, executives and their staff will relocate to an interim facility in the city's Central Perimeter until a brand-new, long-term home is completed in 2017. Around 1,000 employees will be impacted by the move, although Mercedes didn't mention if any employees would be let go as a result of the relocation. The company won't be abandoning New Jersey completely, as it will retain "several operational areas" in both Montvale and Robbinsville, NJ. As Mercedes USA CEO Steve Cannon explains, there are a number of good reasons for the company's relocation. "Atlanta is a premier city which places us closer to our ever-growing Southeast customer base, our port in Brunswick, Georgia, and to Mercedes-Benz US International, our Alabama manufacturing facility, which accounts for half of the vehicles we sell here in the US," Cannon said in a statement. "For our employees, Atlanta offers a strong quality of life, terrific schools and wonderful cultural and recreational opportunities." Mercedes-Benz USA Announces Move of Corporate Headquarters to Atlanta Several operational areas to remain in New Jersey including Parts Distribution Center and Regional Office January 06, 2015 - MONTVALE, N.J. Mercedes-Benz USA (MBUSA) today announced that it will relocate its corporate headquarters to Atlanta, Georgia, in a move designed to better serve its growing customer base and strengthen the company's position for long-term, sustainable growth. MBUSA executives and staff will relocate from its primary facility in Montvale, New Jersey, to a temporary facility in Atlanta's Central Perimeter on an interim basis. The company will construct a new, state-of-the-art headquarters expected to be completed in early 2017. MBUSA plans to begin moving employees starting in July 2015. The move, which will affect approximately 1,000 employees, will be phased to help minimize any disruption to business operations. Several operational areas will remain in both Montvale and Robbinsville, New Jersey.