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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

F1 redemption beckons for Vettel after miserable end at Ferrari

PARIS — Sebastian Vettel is feeling optimistic about his new Formula One career with Aston Martin after turning the page on a miserable last season with Ferrari. Things went from bad to awful for the four-time F1 champion in 2020. He had just one podium finish and ended 10 of 17 races outside the top 10 last season amid a tense atmosphere worsened by the fact Ferrari did not offer him a new contract. “The whole year was a challenge. IÂ’m obviously not happy with how last year went in terms of performance, in terms of my performance," he said. “There are things that didnÂ’t go well and things I would have liked to go differently. ItÂ’s not a secret that at stages I wasnÂ’t at my happiest." Last year was a huge fall from grace for Vettel, whose confidence was already shaken after he lost the 2017 and 2018 titles to Mercedes driver Lewis Hamilton, despite leading both championships at the halfway stage. A driver who still shares the F1 record with Michael Schumacher for most wins in a season — 13 with Red Bull in 2013 — and has 53 wins among his 121 podiums found himself outclassed by his junior teammate Charles Leclerc in 2019 and 2020. When Leclerc was given a lucrative new contract through 2024 — and Vettel wasn't even offered one —it became clear who was considered number one in the team. The frown lines grew deeper on Vettel's face as he finished the last three races of 2020 in 13th, 12th and 14th. “It hadnÂ’t been to my standards. IÂ’ve never really cared what people think or say, or write," Vettel said. “ThatÂ’s why itÂ’s important IÂ’m at peace with myself. (I have) very, very high expectations of myself.” He even considered retiring but a move to Aston Martin has rekindled the 33-year-old German driver's enthusiasm. “IÂ’m not too old, there are older drivers returning to the grid," he said, referring to 39-year-old Fernando Alonso. “I donÂ’t think itÂ’s an age thing, I think itÂ’s more a question of (whether) you have the team and the car around you.” The Aston Martin team runs on Mercedes engines and is owned by Canadian billionaire Lawrence Stroll, whose son Lance Stroll is the team's other driver. The plan is to make Aston Martin a title contender within three to five years. Vettel suggested the atmosphere at Aston Martin is less stuffy than it was at powerhouse Ferrari. The Italian manufacturer with its bright red car remains the most iconic name in F1 history.

Billionaire Lawrence Stroll reportedly seeks major stake in Aston Martin

LONDON — Canadian billionaire Lawrence Stroll, owner of Formula One team Racing Point, is preparing a bid for a major stake in Aston Martin, Autocar magazine reported, sending the carmaker's battered share price up nearly 15% on Thursday. The British sports car maker's share price has slumped since its initial public offering in October last year. The shares launched at 19 pounds ($24.50) before dropping for months and languishing at around 5 pounds for weeks as sales have failed to meet expectations. Its major shareholder is Strategic European Investment Group from Italy, which holds about a third of the company. Stroll is the father of Formula One driver Lance Stroll, and is also famed for his car collection, regarded as one of the best collections of Ferraris in the world. Stroll is heading up a consortium looking to take a "major shareholding" in Aston Martin, Autocar said on Thursday. Two weeks ago, Aston unveiled the DBX, its first SUV, and is pinning its hopes on the model's success. Aston Martin declined to comment. Racing Point did not immediately respond to an emailed request for comment. The carmaker's shares were up nearly 15% at 5.79 pounds Thursday.