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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 Cambridge celebrates British Spitfire with bespoke V12 Vantage S

Update: These special-edition Aston Martins are a creation of Aston Martin Cambridge, a dealer. They are being built in cooperation with Aston's Q bespoke division. The Supermarine Spitfire is well-known in the UK for its role in World War II. To commemorate the plane's first flight, which took place 80 years ago, Top Gear reports that Aston Martin Cambridge has created a limited-edition model of the V12 Vantage S. The automaker will only build eight units of the Spitfire 80, and it's safe to assume that none will make it to the US. As a special-edition model, the V12 Vantage S is finished in "Duxford Green" – aptly named after the Royal Air Force base where the first Spitfire squadron was stationed – with a yellow pinstripe along the side of the vehicle. The special edition isn't just a fancy paint job, as Duxford's Aircraft Restoration Company hand-built several components for the vehicle. The most prominent include the tailpipe finishers that have a rainbow bloom effect to match the original Spitfire's exhaust. Aston Martin's Q division added special touches to the interior with bespoke embroidered logos on the headrests, and the RAF's iconic roundel is integrated directly into the central dash. According to a Facebook post by Aston Martin Cambridge, the seats and inside of the glovebox feature Kestral Tan leather with black stitching, while the rest of the interior has black Alcantara with Kestral Tan stitching. Because of the car's exclusivity and unique touches, Aston Cambridge priced the Spitfire 80 at roughly $240,210, which is almost $50,000 more than a standard V12 Vantage S. An unspecified percentage of the vehicle's price will be donated to the RAF Benevolent Fund. All eight owners will receive their vehicles at IWM Duxford – a historic airfield and museum – on October 18th and go for a flight in a Spitfire. Related Video:

Aston Martin wants to be the Hermes of the car world

Aston Martin doesn't want its wealthy potential customers to perceive the brand as just another sports car maker. The company wants to transform those perceptions so that buyers see its products as luxury goods on par with high-end accessories. If this change can successfully bring in more cash, the business could consider an initial public offering in the coming years. "We seek to position ourselves as the automotive equivalent of Hermes, not as the counterpart of Ferrari." CEO Andy Palmer explained the change to Bloomberg, referencing the boutique French brand. The desire to change buyer impressions comes as Aston Martin pivots away from a focus predominantly on sports cars and more towards high-performance luxury vehicles. For example, the company already has sedans in the lineup like the Rapide and Lagonda Taraf. The future range will also reportedly include an electric Rapide and another Lagonda. The production version of the DBX crossover (concept above) will add one more segment around 2019. However, Aston Martin won't completely abandon coupes because the DB11 will arrive in 2016, and a new Vanquish and Vantage will eventually follow. For Aston Martin to have a future, Palmer believes the company needs to look in new directions, especially with models like the DBX. According to Bloomberg, execs there hope that appealing to more customers could help the business see a net profit in the next three years, which hasn't happened since 2010. To save even more money going forward, the business recently cut 15 percent of its workforce mostly from white collar employees. Featured Gallery Aston Martin DBX: Monterey 2015 View 16 Photos News Source: BloombergImage Credit: Copyright 2015 Drew Phillips / AOL Aston Martin Crossover Luxury Performance Sedan aston martin rapide aston martin lagonda aston martin dbx