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Canadian billionaire Lawrence Stroll leads $240 million Aston Martin investment

After months of rumors and speculation, Canadian billionaire Lawrence Stroll confirmed he led the purchase of a 16.7% stake in Aston Martin for GBP182 million ($239 million). The investment is part of a GBP500 million ($656 million) round of emergency funding that will help the British automaker overcome serious financial challenges. Yew Tree Overseas Limited, a consortium of international investors led by Stroll, built its stake by buying 45.6 million new ordinary Aston Martin shares on the London Stock Exchange, according to Autocar. Aston Martin raised the remaining GBP318 million ($417 million) by giving existing investors the opportunity to buy more shares, the BBC learned. It's not a full bailout, but it's close. Aston Martin ended 2019 in dire financial straits. Stroll will replace Penny Hughes as Aston Martin's chairman; CEO Andy Palmer is expected to keep his job. Several sources confirmed the Racing Point Formula One team owned by Stroll will be rebranded Aston Martin after the 2020 season, and Autocar reported the company will quickly need to eliminate jobs and slash costs. "The difficult trading performance in 2019 resulted in severe pressure on liquidity, which has left the company with no alternative but to seek substantial additional equity financing. Without this, the balance sheet is not robust enough to support the operations of the group," Hughes admitted in an interview with the BBC. Stroll's' appointment to the Aston Martin board comes as the company prepares to overhaul its product plan. It notably confirmed the rumors claiming it put the battery-powered Rapide project on the back burner until further notice, and it delayed plans to revive the Lagonda nameplate on a series of extra-luxurious electric vehicles until after 2025. The first car was originally scheduled to reach the market in 2022, but the battery technology is expensive to develop, and Aston must save about 10 million pounds (around $13 million) annually. The firm will instead focus on mid-engined sports cars. Still according to Autocar, it will begin delivering the 1,160-horsepower Valkyrie hypercar this year, and it's on track to launch the Valhalla in 2022. The Vanquish will go mid-engined shortly after. Delaying electric cars doesn't mean abandoning electrification, and Aston Martin hopes to release "a fuel-efficient, modular V6 engine with hybrid capabilities" by the middle of the 2020s.

Aston Martin DBS Superleggera Volante is coming soon for $329,100

You've seen the coupe and read the reviews. You've seen the spy shots filtering out of the Nurburgring. And now you've finally, digitally and officially, seen the Aston Martin DBS Superleggera Volante. It's exactly what you'd expect — take the DBS Superleggera, keep its twin-tubrocharged 5.2-liter V12 engine and eight-speed automatic transmission, ditch its hardtop in favor of a folding convertible mechanism, add a drop of sunshine and a copious extra dose of wailing exhaust note, stir and enjoy. Aston Martin boasts that the DBS Superleggera Volante's top speed of 211 miles per hour matches that of the coupe and makes it the fastest convertible ever to roll out of Gaydon. Its quoted 0-62 mph time of 3.6 seconds (.02 seconds behind the coupe) and 0-100 time of 6.7 seconds means it's no slouch in the acceleration department, either, despite its quoted dry weight of 4,107 pounds. Fortunately, that heft (375 pounds more than the coupe) is distributed equally over the front and rear wheels. A revised aerodynamics package that includes a front spoiler and airdam, side strakes that are deeper than those of the coupe, a double rear diffuser and a so-called Aeroblade II all combine to deliver 390 pounds of downforce. That's just 6.6 pounds less than the coupe, despite the inherent aero penalty caused by the removal of the roof. It takes just 14 seconds to open and 16 seconds to close the soft top. At 10.2 inches, Aston says the folded roof stack is the smallest in its segment, and the top is offered in eight colors. A twill carbon fiber mesh finish is optional for the windshield surround, as well as the rear tonneau cover. Want one? You'll have to wait for the third quarter of 2019 to order the DBS Superleggera Volante in the United States. And you'll need a check for $329,100.

Amazon opens contest for The Grand Tour tickets in the US

British enthusiasts already had the opportunity to win tickets to the first taping of The Grand Tour, and now Amazon has opened up a similar chance for customers in the US. In celebration of Prime Day, which starts today, customers in the US can enter The Grand Tour Prime Day Prize Draw. The prize includes travel, $200 to spend, accommodation, and a meet and greet with Jeremy Clarkson, Richard Hammond, and James May. Customers that are interested fulfilling a childhood dream should visit Amazon's website and fill out the entry form soon as the draw closes on July 12. The Grand Tour will launch this fall as an exclusive for Amazon Prime members with the exact city locations for studio records set to be revealed later this summer. Amazon, however, did reveal that the trio will host shows in the UK, US, and Germany. So there's no need to get too upset if you don't win the draw. With Top Gear getting a major shakeup with the departure of Chris Evans, we're itching to see Clarkson, Hammond, and May behind the wheel of cars again. The trio, it seems, is also excited to get the new show rolling as Clarkson posted a drifty video on his Facebook page. The trio are currently in Italy filming a comparison between an Aston Martin DB11, a Dodge Challenger SRT Hellcat, and Rolls-Royce Dawn. The five-second clip has the Challenger Hellcat and DB11 drifting head-on into the camera crew, which is behind the wheel of an Alfa Romeo. News Source: Amazon, FacebookImage Credit: The Grand Tour TV/Movies Alfa Romeo Aston Martin Dodge the grand tour