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Aston Martin to cut up to 500 jobs to reduce costs

LONDON — British luxury carmaker Aston Martin plans to shed up to 500 jobs as it seeks to bring its cost base into line with reduced sports car production levels, it said on Thursday. The job cuts come just days after Aston Martin's second-largest investor reduced its stake in the company, and a week after it confirmed that Tobias Moers, CEO of Mercedes-AMG, would become chief executive on August 1, replacing Andy Palmer. The 107-year old firm said the job losses reflected lower than originally planned production volumes and improved productivity across the business. An employee and trade union consultation process will be launched in the coming days. Aston Martin, famed for being fictional secret agent James Bond's car of choice, has seen its share price plummet since floating in October 2018. Last month it posted a deep first-quarter loss after sales dropped by almost a third due to the impact of the novel coronavirus outbreak. "The measures announced today will right-size the organizational structure and bring the cost base into line with reduced sports car production levels, consistent with restoring profitability," it said. It said its first sports utility vehicle (SUV), the DBX, which is key to boost volumes and appeal to new buyers including more women, remains on track for deliveries in the summer and has a strong order book. Aston Martin is also reducing costs and removing non-critical expenditure in other areas, including contractor numbers, site footprint, marketing and travel. It said the restructuring is expected to deliver total annual savings of about 38 million pounds ($47.6 million). Restructuring costs are expected to be about 12 million pounds. Shares in Aston Martin, down 78% over the last year, closed Wednesday at 68.9 pence, valuing the business at 1.05 billion pounds.  

Major Aston Martin shareholder cuts stake in British carmaker

A top Aston Martin shareholder cut its stake in the British carmaker by nearly 5%, a regulatory filing showed on Monday. Italian private-equity firm Investindustrial Advisors Ltd disclosed a stake of 14.99% in Aston Martin as of May 29, compared with its previous stake of 19.92%. It was not immediately clear why the fund cut its stake.  Investindustrial is the company's second-biggest shareholder after Canadian billionaire Lawrence Stroll, according to Refinitiv Eikon data. The 107-year old luxury carmaker in May posted a deep first-quarter loss after sales dropped by almost a third due to the impact of the novel coronavirus outbreak. Aston Martin and the PE firm did not immediately respond to requests for comment. (Reporting by Pushkala Aripaka in Bengaluru; Editing by Anil D'Silva) Related Video:

Aston Martin begins building continuation DB5 with fake machine guns

We could have written this sentence in 1963: "Aston Martin has launched production of the DB5." Then, it would have referred to a shapely new coupe introduced to the popping of flash bulbs to replace the DB4. In 2020, it signals that the first batch of "Goldfinger"-spec continuation cars announced in 2018 by former CEO Andy Palmer are nearly ready to roar out of the Aston Martin Heritage Division's workshop in Newport Pagnell, England.  Workers build each DB5 from scratch, they're not starting with a donor car, and the process takes approximately 4,500 hours (or six full months). The firm explained it builds cars by hand using period-correct manufacturing techniques when possible, but it's not opposed to embracing modern engineering advancements when needed. Aston Martin enlisted the help of EON Productions, the company that makes James Bond films, to ensure the continuation cars are accurate replicas of the DB5 used in "Goldfinger." Most of the gadgets that wowed movie fans on the big screen are accounted for, including a rear smoke screen delivery system, a simulated oil slick delivery system, a set of revolving license plates to fool the bad guys, and twin machine guns hidden behind the headlights. Fear not; they're fake, so you don't need to invest in an armored Mercedes-Benz G-Class if you spot a new DB5 in your neighbor's driveway. Buyers can pay extra for a hatch above the passenger-side front seat. Inside, the add-ons include a telephone integrated into the driver's door, a radar screen tracker map (which is also fake), and a tray used to store weapons under the seats. Watch your elbow if you're lucky enough to ride in one: Some of the buttons used to activate the aforementioned gadgets are integrated into the armrest. The aluminum hood hides a 4.0-liter straight-six engine that slurps gasoline through three SU carburetors to deliver about 290 horsepower. It spins the rear wheels via a five-speed manual transmission and a mechanical limited-slip differential. Aston is also installing disc brakes all around and non-assisted rack-and-pinion steering, so the continuation cars will accelerate, handle, look and sound like a DB5 should. Aston Martin is only making 25 examples of the modern-day DB5, and it priced each one at GBP2.7 million (about $3.3 million at the current conversion rate). Deliveries are scheduled to begin in the second half of 2020, which is when the DB5 will return to the big screen in the next installment of the James Bond series.

Aston Martin DB5s from 'No Time to Die' sampled by Carfection

The excellent Henry Catchpole might have just made the most persuasive argument for restomods using one of the world's and pop culture's most celebrated classics. The Carfection host spent a day at Silverstone with no less than four takes on the Aston Martin DB5 — one of them the showstopping original in gleaming Silver Birch with the license plate BMT 216A, three of them stunt cars used in the next James Bond installment "No Time to Die." Catchpole starts off in the stock vintage two-door, its 4.0-liter straight-six sending about 282 horsepower and 287 pound-feet of torque to the live rear axle to move about 3,300 pounds. It's a thrill to run through apexes, but perhaps more for its pedigree than its prowess; at one point, Catchpole wonders, "How on earth he did some of those car chases with seats like this, I've got no idea." Of course, Bond only had to outrun a couple of even older Mercedes sedans in "Goldfinger." The host then slides into the shotgun seat of one of the ringers, with one-time Subaru-driving rally ace Mark Higgins behind the wheel. Higgins has been a stunt driver in four Bond films now, starting his tenure in a Land Rover Defender in "Quantum of Solace," working his way up to drifting the one-off Aston Martin DB10 at around 90 miles per hour through St. Peter's Square in The Vatican. Higgins explains a bit of what went into the DB5-looking stunt cars built for "No Time to Die," one of them built on a ladder frame chassis dressed in carbon fiber body panels, powered by a modern straight-six engine, suspended with Ohlins dampers. The directive was to get repeatability in tricky environments, and hey, more power and less weight is never a bad thing, either.  When Catchpole takes the track again behind the wheel of the stunt car, you'll want to turn on the closed captions. Even if you don't, Catchpole's barely audible exclamations and facial expressions make it clear which car he'd rather take home, and which he'd leave for the "misogynist alcoholic womanizer of a secret spy with really pretty unresolved violence issues." If all goes well, we'll see both in action — plus two more — when "No Time to Die" hits theaters in November. Related Video:

2020 Aston Martin Vantage Road Test | Old-school road trip in a new-school Aston

Our roads may be virtually empty, with Americans all cooped up and nowhere to go. But with jet planes and TSA lines looking iffy and icky for the foreseeable future, the great American road trip is poised to reclaim its preeminence in travel. To test that post-pandemic theory, in a purely theoretical way, I requisition a 2020 Aston Martin Vantage for a daytrip from New York to the Catskills. It’s the kind of high-character “import” sports car that once defined the breed, before corporate imperatives watered the character down. AstonÂ’s two-seater is nakedly beautiful, flawed-yet-fabulous, and expensive as hell. But if you drive the Vantage and donÂ’t fall head-over-loafers, IÂ’d accuse you of not caring for sports cars at all. ItÂ’s as alive and engaging as any sports car out there, a 509-horsepower firecracker that rewards skilled drivers – or dings them for mistakes – in defiance of the trend toward all-wheel-drive automatons. As for the Catskills, itÂ’s in the midst of its own explosive comeback. This rough-hewn mountain region, a convenient two hours north of Manhattan, was once the prime vacation destination of the Northeast, so popular in the late 19th century that a 1,200-room luxury hotel was required just to gaze at some waterfalls, with guests including U.S. presidents and Oscar Wilde. Through the 1950s and 60s, it continued to be the pipeline to nature for Jewish families and other northeast tourists. Their summer camps and sprawling “Borscht Belt” resorts and nightclubs mythologized in films like Dirty Dancing and now televisionÂ’s The Marvelous Mrs. Maisel, which has fetishized Catskills nostalgia to a truly marvelous degree. Then came airline travel, and affordable tickets to Miami Beach and other exotic warm-weather locales. Like a Palm Springs of the east, the Catskills fell into steep decline. The region became a punch line of corny kitsch. As with Palm Springs, fashion has come full circle: The Catskills and adjacent Hudson Valley are red-hot again, rediscovered by Brooklynites especially as a magical spot for affordable second homes, or permanent moves to open farm-to-table restaurants, curated antique shops and other bastions of rustic hip. The Vantage lures me from coronavirus lockdown like a movie idol waving outside my Brooklyn window, for a cannon-shot recon run to Woodstock.

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 CEO Andy Palmer to leave in favor of AMG chief Tobias Moers

Aston Martin Chief Executive Andy Palmer is leaving the business as part of a management shake-up and will be replaced by Tobias Moers, CEO of Mercedes-AMG, a source familiar with the matter told Reuters on Sunday. The luxury carmaker said in an emailed statement that it is reviewing its management team but declined to comment on Palmer's fate. Palmer and Germany's Daimler, which owns a 5% stake in Aston Martin and supplies the carmaker with Mercedes-AMG engines, also declined to comment. The Financial Times newspaper had reported earlier that the Aston Martin chief was going to leave as part of a shake-up of its leadership, with an official announcement expected on Tuesday. Palmer had not been informed of the upcoming announcement, the newspaper reported. Aston Martin, famed for being fictional secret agent James Bond's car of choice, 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. The company has been banking on its sport utility vehicle to drive sales in a new segment, and said production was on track. In January, dire conditions forced the company to bring in Canadian billionaire Lawrence Stroll who bought a roughly 20% stake for nearly 200 million pounds ($263 million), as the ailing carmaker sought to raise funds. The coronavirus pandemic and shutdowns caused by it have hit demand and forced factories around the world to suspend production, negatively impacting many industries, including car manufacturers. "We were obviously fairly significantly hit by COVID-19, starting with China in January but more clearly in what we saw as it came across towards Europe and the United States," Palmer told Reuters earlier in May. Related Video:

What we'd buy in 1985 (if extremely rich and nutty): the Aston Martin Lagonda

The Barn Miami, a Florida specialty dealer in unique and exotic cars, has just listed this 9,000-mile, two-owner, 1985 Aston Martin Lagonda. Priced at $75,000, it seemingly represents not only a bargain (original list price was $150,000, or around $360,000 in today’s money) but an investment opportunity, and a chance to own one of the most iconic and controversial designs in all of automotive history. When the Lagonda was launched in 1976, the storied British marque had fallen on hard times. Sales figures, build quality and employee morale were at a nadir, and the brand needed a big new idea. Aston turned to in-house designer William Towns, who had taken the brand out of the debonair, if increasingly anachronistic, DB2/4/5/6 styling paradigm with his creasy DBS of 1969. Towns delivered an outrageous wedge of ultra-luxury sedan, with a miniscule rectangular grille, a plank-like prow, steeply angled pillars, and a truncated trunk. A 280-horsepower quad-cam, quad-carb 5.3-liter V8 put power to the rear wheels via a Chrysler three-speed automatic transmission, yielding single digit fuel economy. And the lunacy continued on the inside, with one of the industryÂ’s first digital dashboards, the first application of touch-sensitive controls, and an odd sunroof above the rear passenger compartment. “I think this was the way of the company getting itself back on track with a completely new and revolutionary model,” says Paul Spires, the director of Aston Martin Works, the brandÂ’s in-house heritage and restoration shop, housed at the factory in Newport-Pagnell where the Lagonda was originally built. “In the second half of the 1970s, Rolls-Royce was enjoying success with its Silver Shadow and Bentley models, but there were very few other true high luxury sedans to choose from, and there was definitely a demand for something different and modern.” Different and modern, indeed. The Lagonda was at the hemorrhaging edge of the eraÂ’s electronic capabilities, featuring systems that are still getting the bugs worked out of them 40 years later. “When we look at many modern cars with touchscreen technology, you can perhaps see where the far-sighted and ambitions designers and engineers who created this car were looking,” says Spires.

Aston Martin posts deep quarterly loss as coronavirus pandemic dents sales

LONDON — Aston Martin posted a deep first-quarter loss after sales dropped by nearly a third due to the impact of the coronavirus crisis, though the luxury car maker said production of a crucial sport utility vehicle was on track. Aston Martin, popular for being James Bond's carmaker of choice, suffered a torrid time since it floated in October 2018, seeing its share price tumble from 19 pounds to around 40 pence. Dire conditions forced the company to bring in Canadian billionaire Lawrence Stroll to invest in the firm, while Aston said it will continue to review future funding and refinancing options to boost liquidity. The pandemic hit demand and forced factories around the world to suspend production. However, Aston resumed operations as its Welsh plant last week but not at its other site located in southern England as yet. "We were obviously fairly significantly hit by COVID-19, starting with China in January but more clearly in what we saw as it came across towards Europe and the United States," Chief Executive Andy Palmer told Reuters. The company posted a pre-tax loss of 119 million pounds ($145 million), compared with a loss of 17 million pounds ($21 million) last year, and said it could no longer provide an annual outlook. Its full-year loss in 2019 came in at 104 million pounds. Shares were down 5% at 36 pence, as of 07:35 GMT on Wednesday. The carmaker said production of its DBX SUV, which is key to boost volumes and appeal to new buyers including more women, was on track and had a strong order book. The luxury brand, which has seen core retail sales slump by an annual 31%, has furloughed staff, introduced additional safety measures and cut the pay of its senior management as part of measures to handle the crisis caused by the pandemic. Stroll, who hopes to pursue a turnaround partly by sharing Formula One technology with the firm's range of road cars, leads a consortium that took a 25% stake in the company earlier this year as part of a capital raise worth 536 million pounds. "Given the ongoing uncertainties, as is prudent, the company continues to review all future funding and refinancing options to increase liquidity," the company said on Wednesday.   (Reporting by Costas Pitas; Editing by James Davey and Sherry Jacob-Phillips)

2020 Aston Martin DB11 tops this month's list of discounts

When we drove the Aston Martin DB11 for the first time, we said that it "stands out" and that "it delivers on the promise of Aston's potential for a successful second century." But we also said, "There must be a reason to buy the Aston beyond the fact that it turns heads at the country club." In case its stunning good looks and 600-horsepower 5.2-liter twin-turbo V8 weren't enough to grab your attention, how about a discount of nearly $20,000? Right now, buyers of the 2020 Aston Martin DB11 are paying, on average, $182,435. According to data provided to Autoblog from Truecar, that's a discount of $19,385 from the British coupe's average suggested retail price of $201,820. That's the largest discount on a new car in America this month, based on the dollar amount off the car's sticker price. The next biggest discount is for the 2019 Mercedes-Benz S-Class. Buyers of the German brand's range-topper are scoring an average discount of $13,816. While that's a much smaller number than the DB11, it represents 13.5% off the S-Class's average retail price of $101,151 versus the 9.6% discount of the Aston Martin. In fact, the Benz's percentage discount means it's the eighth-best deal in America overall. If you favor a different flavor of German luxury, the 2019 Audi A8 isn't far behind with an average discount of $12,701 representing 12.5% of its $101,762 average sticker. For a look at the best new car deals in America based on the percentage discount off their suggested asking prices, check out our monthly recap here. And when you're ready to buy, click here for the Autoblog Smart Buy program, which brings you a hassle-free buying experience with over 9,000 Certified Dealers nationwide. Related Video: 2017 Aston Martin DB11 First Drive