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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.

Aston Martin Valkyrie | Autoblog Minute

Aston Martin has been teasing the Valkyrie hypercar off and on the last couple of years, first as the RB-001, and now with its official name, and it has just released images and information of the most production-ready variant yet. Aston Martin Autoblog Minute Videos Original Video

Aston Martin Valkyrie is set to lose its roof at Pebble Beach with roadster variant

Aston Martin is coming to Monterey Car Week with a new car reveal. The specific model name isn’t explicitly mentioned by Aston, but one look at the “teaser” gives us all the information we might need to suss it out. The Valkyrie is losing its roof for a new Roadster variant that will join the existing hardtop and racing-only AMR Pro model. You must look rather closely at the roof area of the teaser, but upon inspection, the roof of the Valkyrie shown here is missing. Additionally, the doors have a new design to accommodate the missing roof. Instead of opening via the roof in gullwing fashion, they appear to be scissor doors. Beyond these details, weÂ’re left to guess at the rest. The car looks similar to the standard coupe up front, and the convertible appears to keep the roof scoop, too. Aston says the wraps will officially be taken off this new model on Thursday, August 12. After being revealed at a private event, the car will be available to see by invitation-only beginning the following day at the Aston Martin Club 1913. All Aston will say about the model so far is that itÂ’s “a new product from the brand which extends the companyÂ’s performance credentials a step further.” In addition to the new Valkyrie, Aston is also bringing the Valhalla supercar to North America for the first time. You can read all about that mid-engine car here, and then go check it out on Pebble BeachÂ’s 18th fairway. If you want one, Aston just made its production run official — only 999 Valhallas will be built over the next two years. Related video: