2010 Aston Martin Dbs Coupe Automatic 2-door Coupe on 2040-cars

Auto blog

Aston Martin shares plunge to new low following half-year loss

LONDON — Shares in Aston Martin plunged 17% to a post-flotation low on Wednesday after the luxury British carmaker slumped to a half-year loss, the latest automotive firm to be hit by falling demand in Europe. Aston Martin, best known as James Bond's favorite marque, has been undergoing a turnaround plan since Chief Executive Andy Palmer took over in 2014, designed to renew and boost its model line-up and move into new segments. The plan led to an autumn 2018 stock market flotation. But its shares have since fallen by around three quarters from their 19 pounds float price to below 5 pounds, hit most recently by the group's weak performance in Europe, the Middle East and Africa, where half-year demand fell by nearly a fifth. The group posted a pretax loss of 78.8 million pounds in the six months through June from a 20.8 million pound profit in the first half of 2018. Its shares were down 17% at 4.71 pounds by 0748 GMT. "We are disappointed that our projections for wholesales have fallen short or our original targets, impacted by weakness in two of our key markets as well as continued macro-economic uncertainty," Palmer said. Overall wholesale demand grew by 6% in the first six months as the group posted strong increases in the Americas and Asia, but a decline in Britain and the rest of the continent prompted the carmaker to cut its full-year forecast. Aston has also been hit by expansion costs as it builds a new factory in Wales to make its first sport utility vehicle, and a lower average selling price. The company said that if it requires some additional financing it would pursue the funds from sources such as the debt markets. The global car industry has been hit by weakening demand in China and a drop in demand for diesel vehicles in Europe, as well as the cost of electrification. Nissan reported plunging profits last week and said it would undertake its biggest restructuring plan in a decade, axing nearly a tenth of its workforce. But 106-year old Aston also faces the risk of a disorderly Brexit disrupting its wholly British production, as delays at ports due to new bureaucracy could slow down the movement of vehicles and components. "We do not want a no-deal Brexit because of the disruption that causes to issues at the border," said Palmer.

Aston Martin confirms Mercedes-AMG boss Moers to replace CEO Palmer

Aston Martin confirmed on Tuesday that Tobias Moers, CEO of Mercedes-AMG, would become chief executive on August 1, replacing Andy Palmer, who stepped down on Monday. The Financial Times newspaper reported over the weekend that Palmer would step down, before he had been informed. A source familiar with the situation had also confirmed to Reuters the planned move. "The board has determined that now is the time for new leadership to deliver our plans," Lawrence Stroll, Aston Martin Lagonda's Executive Chairman said. The company said Moers, who will be based at its headquarters in Warwickshire, had built a reputation for transforming businesses in tough environments during his 25 years in senior roles at Daimler. Germany's Daimler AG owns a 5% stake in Aston Martin and supplies the carmaker with Mercedes-AMG engines. "Under Tobias’ leadership, Mercedes-AMG has more than doubled its product portfolio and quadrupled the number of AMG units sold, with a clear pipeline of further expansion opportunities, especially in electrification of powertrains in the performance segment," Aston Martin said in a statement. "TobiasÂ’ focus on operating and manufacturing efficiency has delivered significant margin expansion. This strong financial performance was supported by the introduction of a clear brand management strategy, which delivered a measurable increase in brand value and awareness." Aston Martin has seen its share price plummet since floating in October 2018. The 107-year old British luxury carmaker earlier this month posted a deep first-quarter loss after sales dropped by almost a third due to the impact of the novel coronavirus outbreak. "All of my and TobiasÂ’ energy will be dedicated to building on the CompanyÂ’s inherent strengths, its brand, its engineering prowess, and the skills of its people to enable Aston Martin to become one of the pre-eminent luxury car brands in the world," Stroll said. Related video:

Aston Martin Rapide E opens four doors to the company's electric future

At last, the production Aston Martin Rapide E is ready to dance. Developed in conjunction with Williams Advanced Engineering, the carmaker and the Formula One engineering firm did their best to make the most of an aged platform that was last combined with a 595-horsepower V12. In place of the 6.0-liter 12-cylinder, gearbox, and gas tank in the Rapide AMR, there now sits a 65-kWh battery sheathed in a carbon fiber and kevlar case. It powers two electric motors on the rear axle, the power figures a combined 604 hp and 700 pound-feet of torque. The juice powers the 4,387-pound fastback to a 4.2-second dash to 62 miles per hour. Range is said to be 200 miles on the WLTP cycle, which could mean anywhere from 140 to 180 miles in our numbers. The 800-volt electrical architecture permits charging rates of 300 range-miles per hour when hooked up to the proper outlet delivering 100 kW or more. On top of that, since Aston Martin only plans to build 155 examples of the Rapide E at the carmaker's new St. Athans, Wales, facility, the cries about range anxiety should be muted. The aluminum and carbon fiber bodywork has been submitted to a regime of aero efficiency and shedding superfluous ICE bits. Honeycomb fills the grille aperture and housings formerly used for fog lights, while less air is allowed to flow through the bodywork. A new underfloor hooks up to a larger rear carbon fiber diffuser. The 21-inch forged aero wheels wear low-rolling resistance Pirelli P Zeros. Three driving modes work with an adaptive suspension and limited-slip differential, in an attempt to keep the powertrain swap from eliminating the brand's trademark thrills. Inside, a 10-inch digital display supplants the horologically jeweled dash cluster Aston Martins are known for. A companion app conveys typical EV information remotely, and can also tell owners where the car is parked and provide walking directions to the spot. The Rapide E order book is open now, the price only disclosed "on application." Aston Martin's electric future begins now, and James Bond will be the first person to make the trip there.