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Aston Martin's biggest investor considers increasing its stake

LONDON — The biggest investor in Aston Martin is considering buying another 3% stake, offering to increase its holding after shares in the luxury carmaker crashed almost 50% since its listing nine months ago. Strategic European Investment Group, part of the Italian private equity group Investindustrial, owns 31% of Aston Martin. It only wants to buy a maximum 3% stake but has to make an offer to all shareholders due to its already large holding. It has secured agreements from existing shareholders such as a group of Kuwait-based investors to back the move. It is offering to pay 10 pounds per share, the price at which the shares closed on Friday. It must make a decision by July 29. Aston Martin has struggled since it listed in October last year. Its shares fell on the opening day and are now down 47 percent. The company's recent results have been hit by a need to invest more in its manufacturing plants and expand its vehicle offering, leading to higher costs.  Related Video:

Aston Martin reportedly cancels electric RapidE amid money troubles

Aston Martin's first production-bound electric car won't be based on the Rapide after all, according to a recent report. The British firm allegedly canceled the RapidE project after several costly delays. British magazine Autocar learned from a source close to Aston Martin that it has consigned the sedan to the automotive attic to focus on ramping up production of the DBX, its first SUV. It's a hugely important model that will make or break the company's 2020 balance sheet. Other seemingly random projects like the ACH130 helicopter co-developed with Airbus are much less distracting because there's little substance to them; it's essentially just a nice interior and an eye-catching paint job. The RapidE, however, was a new car under a familiar body. Presented as "a truly historic step" that would pelt Aston into the world of electrification, it snubbed the Rapide's 6.0-liter V12 and instead offered drivers an electric powertrain with 610 horsepower and a 65-kilowatt-hour lithium-ion battery pack. The firm quoted a 200-mile driving range, which is on par with the Porsche Taycan's EPA rating, and a 4-second sprint to 60 mph, which is about as quick as a gasoline-burning Rapide. Development work began in 2015 with the help of LeEco, a Chinese tech giant-turned-electric car manufacturer founded by Jia Yueting, the man behind Faraday Future. Aston Martin chose to finish funding the project on its own after money trouble forced LeEco out. Williams Advanced Engineering provided its expertise, but Aston Martin had to foot the bill on its own, so the RapidE went from a low-volume model to a limited-edition sedan. Aston Martin planned to make 155 examples of the RapidE in a new facility located in St. Athan, Wales. Each one carried a price tag reading "on application," which is automaker-speak for "really expensive," and one was spoken for by James Bond. We reached out to the company to verify Autocar's report, but were told they couldn't comment on future product speculation. There's no word yet on what this means for the other electric cars Aston has in the pipeline, including two luxury sedans previewed by concepts and intended to revive the dormant Lagonda name in the early 2020s. Featured Gallery Aston Martin Rapide E:Auto Shanghai 2019 View 11 Photos Green Aston Martin Electric Sedan

Aston Martin Project 003 details revealed in dealer brochure

Aston Martin showed the as-yet-unnamed Project 003 hypercar at the 2019 Geneva Motor Show. Now that the English carmaker is accepting deposits for the coupe, it has provided dealers with brochures for prospective customers. Two of those prospective customers let Carscoops and Diario Motor flip through the pages and see what the fuss is about. Each site words some of the specifics a bit differently, which we're not sure is down to the language in the brochure or the way it's written up. Carscoops says Aston Martin's targeting a combined 1,000 horsepower, DM says there will be 1,000 hp. Either way, it's a pleasant ballpark to play in. We say "combined" because there will be a brand new twin-turbo V6 in back and an electric motor on the front axle. The duo means all-wheel drive in addition to that potential four-figure horsepower. If Aston Martin does hit 1,000 ponies, that would put the "son of Valkyrie" just behind the Valkyrie, which makes all of its 1,160 hp with a naturally aspirated 6.5-liter V12 built by Cosworth. The brochure says dry weight will come in below 1,350 kilos, or 2,976 pounds. The brochure also asserts a power-to-weight ratio of 750 bhp per tonne. Working backward, that ratio would mean 1,012 hp if the 003 came in right at 2,976 pounds. Shifting through an F1-inspired eight-speed dual-clutch gearbox, the carmaker expects a 0-60 time of "less than 2.5 seconds," to be expected for a car about 100 pounds heavier than a McLaren 720S with at least 200 more horsepower. And according to Diario Motor's telling, top speed will crest 350 kilometers per hour, or 218 miles per hour; Carscoops says terminal velocity lies beyond 220 mph. Lots of Valkyrie tech will be adapted for the junior coupe, including the active suspension and active ride height, as well as platform control. A limited-slip differential will keep the back end in line with what we're sure will be fancy electric motor control on the front axle. Seems all that was said about the sci-fi cabin — which TopGear magazine's Jack Rix showed us recently — is that ingress and egress will be less challenging than on the Valkyrie. Only 500 units will leave the factory, in both left- and right-hand drive, deliveries to begin in 2021. American purchasers will need to leave $300,000 with their dealers to hold a place in line. Those monies will be applied to an MSRP that starts "at no less than GBP875,000" before options, or roughly $1.2 million in green money. AM-RB 003 View 9 Photos