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Aston Martin announces $306M in funding to build DBX, 'other new luxury vehicles'

Aston Martin has just gotten one step closer to building a crossover, as the British outfit has secured a 200-million-pound (about $306 million at today's rates) infusion of capital from its leading shareholders. The money will allow Aston Martin to develop "a new vehicle based on the DBX concept," although just how closely the production model will adhere to the concept's styling is unclear. Andy Palmer, the company's CEO, also hinted at other models being added, thanks to the funds. "This additional long-term funding, will enable us to add extra model lines and broaden our presence in the luxury market segment by the end of the decade. The DBX concept has generated interest far beyond our expectations," Palmer said in the attached statement. "The additional investment announced today will allow us to realize the DBX and other new luxury vehicles that will form the strongest and most diverse portfolio in our history." It's unclear what these "other new luxury vehicles" will include. Previous reports have indicated a Lagonda-badged replacement for the aging Rapide will be added to the range, although considering the age of the rest of Aston Martin's lineup, it's a safe bet that at least some of this money will also be put towards vehicles beyond the new CUV and sedan. Scroll down for the full press release from Aston Martin. Related Video: ASTON MARTIN LAGONDA ISSUES GBP200 MILLION FUNDING FOR PRODUCT EXPANSION • Investindustrial and Tejara Capital led a further GBP200 million in investment capital in the form of preference shares • Enables production of DBX luxury crossover, building on range of iconic luxury sports cars • FY 2014 revenues of GBP468 million and adjusted EBITDA of GBP66 million announced 30 April 2015, Gaydon: Aston Martin Lagonda today announced that with the leadership of its major shareholders, it has arranged additional committed funding of GBP200 million, enabling the 102-year old luxury sports car manufacturer to develop significant new luxury models that will drive the future of the company under its strategic business plan. The additional capital investment comes in the form of GBP200 million of preference shares; GBP100 million of which were issued on 29 April 2015 with the remaining GBP100 million – already subscribed for - to be issued in the next twelve months, and will further expand the previously announced investment plan. This major investment in new luxury models is at the core of Aston Martin's strategic vision.

Aston Martin DB11 V8 loses four cylinders but none of its grace

We love the Aston Martin DB11. Few vehicles combine speed, luxury, and comfort as well as that beautiful British coupe. That said, it's not the most efficient or affordable GT in the world, but Aston Martin is planning to change that. Starting this year, the company will offer the DB11 a twin-turbocharged V8 sourced from the mad Germans at Mercedes-AMG. We've known about the engine partnership for a while now, though we assumed the first Aston Martin to use a Mercedes-AMG V8 would be the next-generation V8 Vantage. At first, sticking a V8 under the hood might seem like an odd choice, but the DB series only recently started using V12s. Historically, the car has packed powerful inline-six engines. Offering two engines will allow the company to sell a lower-cost model and presumably boost sales. That means changes are strictly mechanical in nature. The engine is the now-common 4.0-liter twin-turbocharged Mercedes-AMG V8. Output is 503 horsepower and 498 pound-feet of torque. That's down 97 horsepower and 18 pound-feet of torque from the 5.2-liter V12. In the Mercedes-AMG C63 S, the 4.0-liter V8 makes equal horsepower and 18 more pound-feet of torque. Aston Martin says that the partnership with Mercedes-AMG allows the company to tailor the engine for Aston Martins. This means a new ECU with new engine and throttle mapping. Losing four cylinders changes the character of the car a bit. The DB11 V8 is a not-insubstantial 254 pounds lighter than the V12. Since most of the weight savings comes from behind the front wheels, Aston Martin says the V8 model is more agile than the V12 model. Engineers have adjusted the suspension bushing, geometry, anti-roll bars, springs, dampers, and stability control to account for the weight savings. The DB11 V8's diet helps offset the lower power output. As such, the 4.0-second 0-62 sprint is just 0.1 seconds off the V12. Top speed is down 13 mph to a still extralegal speed of 187 mph. We don't have fuel economy ratings for the US, but expect an improvement from the V12's current rating. The V8 will be available with all of the same equipment and trims as the V12, with just a few visual changes to distinguish the two models. The V8 gets unique wheels, darker headlight surroundings, and just two vents on the hood, available in either black or titanium. The DB11 V8 goes on sale in the US later this year. At $198,995, it undercuts the V12 model by $17,500.

Aston Martin to cut 15 percent of workforce

Aston Martin has announced it will slash nearly 300 jobs, or about 15 percent of its total workforce, as part of a cost-cutting bid. The changes aren't going to come on the factory floor, though. Instead, according to the Unite trade union, the majority of firings will involve white collar employees – administrators, managers, and the like – at the company's headquarters in Gaydon, England, Bloomberg reports. In an emailed statement to the business outlet, Aston Martin said eligible employees will be offered early retirement options. While Aston said there'd only be 295 employees released, Unite put the number at no more than 314. "Collective consultation with employee representatives, including Unite, has begun and the company is working with them to minimize the risk of compulsory redundancies," the union told Bloomberg. Aston Martin added that this move will have no impact on the company's production figures, although it's unclear what it could mean for future vehicles, like the production DBX and upcoming DB11. Related Video: