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Aston Martin announces Rapide E as its first all-electric model

Aston Martin has announced official specifications for its first battery-electric model, which will be the Rapide E. Developed together with Williams Advanced Engineering, the 2019 Rapide E will have two electric motors good for a total of 610 horsepower and 700 pound-feet of torque. The Rapide E four-door, which will be produced in a limited run of 155 units, will be good for 155 mph. Its WLTP range target is said to be over 200 miles, and an hour of charging is good for 185 miles, using a regular 400-volt 50kW charger. Aston says the car's 800V battery system can also be charged with a 100kW+ charger at a rate of over 5 miles per minute. The electric powertrain is where the Rapide S's six-liter V12, gearbox and fuel tank would normally reside, to keep weight distribution in check; using composite materials and lightweight alloys, Aston has been able to meet the Rapide E's weight targets. To beat the aerodynamics of the Rapide S and to make it as silent as possible, both the car's exterior and underbody have been given a makeover from an EV development viewpoint and the low-rolling-resistance Pirelli P-Zero tires even feature noise-canceling foam inside them. As Aston is still in the business of making sports cars, the Rapide E's performance must be up to par: It reaches 60 mph in less than 4 seconds, and the 50-70 mph overtaking time is just 1.5 seconds. Aston says these figures can also be reached with a battery that is less than fully charged – the target is for "maximum performance on-demand throughout majority of the battery state of charge window," to put it succinctly. Aston's benchmark is that the Rapide E is capable of a full Nurburgring lap without any derating of the battery, with the electric version able to give a hassle-free performance expected of an internal combustion car. Perhaps that is a veiled reference to Teslas that have experienced overheating problems in track use. Aston Martin also states that it has strived to keep the Rapide E feeling like an Aston Martin, especially compared to the V12-engined Rapide S sibling. For Aston, this has meant chassis and electric powertrain tuning to retain the Rapide S's handling characteristics and "feel," including using a limited-slip differential through which the twin electric motors deliver their power — and keeping an eye on the springs, dampers and software integration to keep the car from feeling ponderous or clunky.

Aston Martin to keep V12 alongside new AMG V8

Aston Martin is embarking on a brave new future. After thirteen years basing the bulk of its lineup on the VH architecture, Aston is developing a new platform, and is partnering with Mercedes-AMG to develop a new V8 engine and electronic systems. But what will happen to the old platform and engines once the new ones arrive? You might think that they'd be retired, but that won't necessarily be the case. At least as far as the AM11 V12 engine goes. The 6.0-liter engine was developed by Cosworth, based on a Ford block, and first appeared on the DB7 Vantage way back in 1999, but still powers everything Aston offers, save the V8 Vantage. It's evolved heavily over the past decade and a half, rising in output from 420 horsepower to 565, but Aston is one of the only British automakers still offering a V12 these days (Jaguar no longer does, Bentley's is actually a W12 and while Rolls-Royce does, its vehicles are mostly of a decidedly more sedate nature), and will surely want to carry on that legacy. That's why Aston spokesman Matthew Clarke revealed in correspondence with Autoblog, "Our 6.0-liter V12 engine will remain, with ongoing development, at the heart of a number of our flagship models for the foreseeable future," long after the new engine being developed with Mercedes arrives. Just which models will receive the new eight-cylinder engine and which will keep the twelve remains to be seen, but we get the feeling Aston's eight-cylinder range will broaden to include more than just the Vantage. As for the VH architecture, you can expect it to sail off into the proverbial sunset once the new platform is ready, though we wouldn't be surprised to see it phased out more gradually than abruptly. A 13-year tradition doesn't end overnight, after all.

Bond, junk bond? Aston Martin financial ratings go south as it awaits DBX

Ratings agencies Standard & Poor's and Moody's have taken a dim view of Aston Martin Lagonda. S&P cut its credit rating on the storied carmaker deeper into junk territory this week, and Moody's revised its credit outlook to "negative" after the company raised $150 million in debt from a bond issue at 12% interest, with the option to raise another $100 million at 15%. The Standard & Poor's rating was trimmed by one notch to 'CCC+', which reflects substantial risks and takes it close to default territory after a faster-than-expected cash burn this year. The outlook is negative.  The negative outlook reflects ongoing pressure on profits, a high cash burn, and very high leverage in the face of heightened risks linked to a potential no-deal Brexit and new tariffs on car imports threatened by the United States. The potential salvation for the company is its new DBX luxury SUV, the success of which is critical to its ambitious growth strategy and ongoing creditworthiness, S&P said. But Moody's noted that it's burning cash at a high rate as it nears the launch of the DBX. The British carmaker, known as James Bond's favorite marque, has been hit by falling demand in Europe, the Middle East and Africa. It slumped to a first-half loss in July. Chief Executive Andy Palmer said concerns around Brexit and U.S.-China trade relations were skewing the outlook to the downside, so it was prudent to address investor concerns about its balance sheet. "Taking this debt on — short-term debt — is we think the correct tool to completely remove that thesis that we don't have sufficient liquidity," he told Reuters. "In every substantial and material way, this ensures that we can get through to DBX in spite of what all of those global uncertainties might throw at us." The main tranche comprises notes with an interest rate of 12% due in 2022, while the additional notes could be issued under the same terms if permitted, or could be issued as unsecured notes with an interest rate of 15%, Aston Martin said. Shares of stock in the company, which have had a precipitous fall since they listed in London in October 2018 at 19 pounds, were trading down 5% at 545 pence in early deals. Broker AJ Bell said Aston Martin was known for its high end prices and that situation now also applied to its debt. "These rates are very high and are a major red flag that investors consider the car company to be a high risk entity," it said.