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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 reveals Vantage GTE art car for Le Mans

The Gulf livery is undoubtedly one of the most iconic in all of motorsport, but at the 24 Hours of Le Mans this year, Aston Martin will be running an altogether more original color scheme. Looking like something between a television test pattern and a 3D projection viewed without the requisite glasses, the livery is actually designed as an optical illusion, to distort perception and trick the eye into thinking the car is moving even when it's sitting still. Of course it still features the unmistakable Gulf logos, and is made up of alternating bars of orange, yellow, blue, and black. It's the work of German artist Tobias Rehrberger, renowned for his abstract experimental art, and will appear on the #97 Vantage GTE this coming weekend when the famous endurance race gets under way in Western France. ASTON MARTIN UNVEILS REHBERGER VANTAGE GTE - Aston Martin Racing unveils 24 Hours of Le Mans art car - Design revealed to racing fans in Le Mans town centre - Unique effects on Vantage GTE created by artist Tobias Rehberger 8 June, Le Mans: Aston Martin Racing is today unveiling a 24 Hours of Le Mans art car designed by artist Tobias Rehberger. The unique creation gives the Gulf #97 Vantage GTE the illusion of movement and speed, even when static. Rehberger is renowned for his abstract art and optical effects that distort perception and has received numerous international prizes and awards, including the Golden Lion for best artist at the 2009 Venice Biennale. Aston Martin Racing invited him to design a livery that would work with the Gulf Vantage GTE's lines and colours in a way never attempted before. Thirty years since the first art car ran in the 24-hour race, Rehberger set out to create a design that uses geometric shapes and patterns to give the car, when static, the impression of movement and speed. The German artist, who will attend Saturday's race as a guest of Aston Martin Racing, explained: "My design for the Aston Martin art car is rooted in my interest in distorted perception and related phenomena like auto moving patterns, optical effects, camouflage and visual confusion, which I have addressed in many works before. "In this case, the design is based on a geometric optical effect pattern.

Amadeo Felisa replaces Tobias Moers as Aston Martin CEO

Aston Martin Lagonda on Wednesday named former Ferrari boss Amedeo Felisa as its new chief executive officer as the British luxury carmaker works on emulating the Italian carmaker's success and electrifying its brand. Felisa will take over with immediate effect from Tobias Moers, who joined the company in 2020 from shareholder Mercedes-Benz's high-performance AMG brand and served as CEO and chief technical officer. Felisa currently serves on Aston Martin's board and led Ferrari between 2008 and 2016 when it was still part of the Fiat group. Most recently, Felisa served as a special adviser to Silk-FAW, a joint venture between U.S.-based automotive engineering and design firm Silk EV and Chinese automaker FAW. Billionaire Lawrence Stroll drove to the rescue of James Bond's car brand of choice less than two years ago while it struggled after a disastrous IPO. Stroll has overseen a manufacturing makeover at Aston Martin to lift margins and help it become more like rival Ferrari with more customized car orders. Now the carmaker's largest shareholder and executive chairman, Stroll told Reuters that Moers had stabilized the company when it "needed immediate manufacturing, operation attention" but now Aston Martin needed a CEO to "focus on the bigger picture". "Nobody knows how to make ultra-luxury performance cars better than Amedeo," Stroll said. "He saw the movie, he wrote the script." Aston Martin plans to launch its first fully-electric car in 2025. Aston also named former Ferrari and BMW executive Roberto Fedeli as its chief technical officer. The latest appointments come just months after the company's former chief financial office also left Aston Martin. Jefferies analyst Philippe Houchois wrote in a client note that Aston Martin's new CFO and the appointment of Felisa "will hopefully help stabilize management across the company". On Wednesday, Aston Martin reported a wider pretax loss of 111.6 million pounds ($139.15 million) for the first quarter, compared with a loss of 42.2 million pounds a year earlier, which was largely in line with expectations. Related video: Hirings/Firings/Layoffs Aston Martin