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Aston Martin will make a profit for the first time since 2010

LONDON — Aston Martin is on course to post its first annual pre-tax profit since 2010 as strong demand for the luxury automaker's DB11 sports car boosts its performance. Pre-tax profit reached 22 million pounds ($29 million) in the first nine months of 2017, reversing a loss of 124 million pounds in the same period in 2016, Aston said on Wednesday. "Our strong financial performance and continued profitability reflect the growing appeal of our high-performance sports cars, with the new DB11 Volante and a new Vantage expected to stimulate further demand in the coming year," Chief Executive Andy Palmer said. Asked on Monday whether the firm would be in the black this year, Palmer told Reuters: "It's our intention to be." Aston Martin, which is mainly owned by Kuwaiti and Italian private equity firms, last posted a profit in 2010. Its losses then grew, partly due to lack of new models, a high-profile recall and an extended period without a chief executive. Since Palmer's appointment in 2014, the firm has pursued a turnaround plan designed to boost its model lineup, quadruple volumes and produce its first SUV at a new plant in Wales, setting up a possible stock market flotation. Volumes rose 65 percent to 3,330 cars in the first nine months of the year, prompting the firm to raise its full-year guidance to expect core earnings of at least 180 million pounds on revenue of over 840 million pounds. Third-quarter profit stood at 0.8 million pounds, reflecting a quieter period across the car sector when demand falls as people take holidays and some customers prefer to wait until after the vacation period to have their cars delivered. On Tuesday, the firm launched its new Vantage model, which will take its output to 7,000 sports cars in 2019, its highest level in a decade. Related Video:

UK car output falls 14% in March, may get worse with no-deal Brexit

LONDON — British car output fell for the 10th month in a row in March, hit by a slowdown in key foreign markets, and the sector stands to suffer a lot more if the country leaves the European Union without a deal, an industry body said on Tuesday. Output tumbled by an annual 14.4 percent to 126,195 cars in March, the Society of Motor Manufacturers and Traders said. Exports, which account for nearly four out of every five cars made in Britain, were down by 13.4 percent. The SMMT said analysis it had commissioned predicted output would fall this year to 1.36 million units from 1.52 million in 2018, assuming London can secure a transition deal with the EU. If Britain has to rely instead on World Trade Organization rules for its trade with the bloc, which include import tariffs, output is forecast to fall by around 30 percent to 1.07 million units in 2021, returning to mid-1980s levels, the SMMT said. The forecasts were produced for SMMT by AutoAnalysis, a consultancy. Prime Minister Theresa May has secured a delay to the Brexit deadline until Oct. 31, giving her more time to try to break an impasse in parliament over the terms of Britain's departure from the EU. Foreign minister Jeremy Hunt traveled to Japan earlier this month to try to persuade the Japanese government and Toyota, which has a big presence in Britain, that London was determined to avoid a no-deal Brexit. "Just a few years ago, industry was on track to produce 2 million cars by 2020 — a target now impossible with Britain's reputation as stable and attractive business environment undermined," SMMT chief executive Mike Hawes said. "All parties must find a compromise urgently so we can set about repairing the damage and diverting energy and investment to the technological challenges that will define the future of the global industry." (Reporting by William Schomberg, editing by David Milliken)

James Bond's ‘GoldenEye’ Aston Martin DB5 sells for $2.6 million

Last month, we wrote about the "GoldenEye" Aston Martin DB5 coming up for auction at the Goodwood Festival of Speed, and reported that it was estimated to bring in $1.6 million to $2.14 million. The Aston did a lot better, as it ended up selling for a comfortable $2.6 million. The cinematic Aston's buyer turned out to be the newly founded NYC spy museum Spyscape, which is already displaying the DB5 deal on its website. As a matter of fact, Spyscape will even be offering rides in the DB5 — not a lot of people have ridden in any DB5, let alone one that has been driven by James Bond. As Hemmings notes, the DB5 in question was found for filming by Aston Martin itself along with a couple other examples. After filming wrapped up, it was restored — reportedly to address damage accumulated during the shoot — and put on a promotional tour. Stirling Moss himself drove the car onstage at the Los Angeles Auto Show, when the spiritual successor for the DB5, the DB7, was presented. It's worth noting that the car sold in 2001 for $200,000, and that it was the most expensive piece of Bond-related stuff sold at the time. Last weekend's auction price puts a zero at the end of that price, and then some. Meanwhile, if you can't afford a $2.6 million James Bond car, how about the just-out Lego kit costing $149.99? Related Video: TV/Movies Aston Martin Auctions Luxury Classics aston martin db5 db5