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Aston Martin boss says DBX is about securing the future

The Aston Martin DBX was a revelation when it debuted at the 2015 Geneva Motor Show. Not only did the concept evolve the British brand's traditional shape into a high-riding crossover coupe, there were electric motors to power each wheel. Just a few weeks ago, we learned that the company secured $306 million in funding to actually bring the DBX to production. Now, CEO Andy Palmer is talking about just how important the model is for the future. With the DBX moving into such a radically different segment than the rest of the lineup, the model gives Aston Martin the opportunity to go after a new group of customers. "You can't create enough working capital with just 7,000 cars a year whichever way you look at it. You've got to extend the portfolio somewhere, and I'd rather do this than sell caps and t-shirts," Palmer said to Auto Express, taking a slight dig at Ferrari. While Aston calls the DBX a crossover, its coupe-like lines don't look like any other vehicle in the segment, especially other high-style CUV attempts like the BMW X6 and Mercedes-Benz GLE-Class Coupe. Apparently, that differentiation is entirely on purpose. "We think there is a different space to the traditional SUV. Why? Because we make beautiful cars, and it's hard to make a beautiful SUV. It's hard to make a box beautiful," Palmer said to Auto Express. The production DBX will gain two more doors for the start of production in 2019, according to Auto Express. The high-performance electric powertrain will remain, though, and Aston will aim for a range of over 300 miles. Earlier reports also suggested that the CUV could be produced at a new factory in the US. Aston Martin isn't abandoning its performance legacy entirely, though. The DBX is just one part of Palmer's Second Century plan, and the other major pillar is replacing every model in the brand's lineup by the end of the decade. One of them has already been spotted testing. Related Video: The video meant to be presented here is no longer available. Sorry for the inconvenience.

Forza Horizon 3 adds Ford Police Interceptor, Jeep CJ5

We're only a few weeks past the debut of Forza Horizon 3, and already the folks at Turn 10 are introducing the first of six car packs for the open-world driving game. Focused heavily on performance, there are still a few, um, oddballs, including one we're sure Forza's livery customizers will have a blast with. The Smoking Tire Car Pack brings seven new vehicles to FH3, with the Aston Martin Vulcan, Pagani Huayra BC, GTA Spano, Lotus 340R, and BMW M2 repping traditional performance vehicles. As per usual, FH3 renders each car beautifully and promises a solid approximation of real-world performance – even if you do ditch the roads and opt to rampage through the Australian countryside. While performance is good, the Ford Crown Victoria Police Interceptor and the Jeep CJ5 Renegade bring an off-beat vibe to this particular pack. We aren't certain, but this might be the first time the Police Interceptor appears in a blockbuster driving game. While we expect plenty of police car liveries for the Crown Vic, Forza's rabid community of tuners and customizers are sure to do much more with it. As for the CJ5, is there a better vehicle for tooling about Australia? Yeah, we didn't think so. The Smoking Tire Car Pack is available for free as part of the Forza Horizon 3 Ultimate Edition or Car Pass program. Commitment-phobes can also download this single vehicle pack for $7. Featured Gallery Forza Horizon 3: Smoking Tire Car Pack News Source: Turn 10 StudiosImage Credit: Turn 10 Studios Toys/Games Aston Martin BMW Ford Jeep Lotus turn 10 studios bmw m2 forza horizon ford crown victoria aston martin vulcan forza horizon 3 gta spano

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.