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Aston Martin posts deep quarterly loss as coronavirus pandemic dents sales

LONDON — Aston Martin posted a deep first-quarter loss after sales dropped by nearly a third due to the impact of the coronavirus crisis, though the luxury car maker said production of a crucial sport utility vehicle was on track. Aston Martin, popular for being James Bond's carmaker of choice, suffered a torrid time since it floated in October 2018, seeing its share price tumble from 19 pounds to around 40 pence. Dire conditions forced the company to bring in Canadian billionaire Lawrence Stroll to invest in the firm, while Aston said it will continue to review future funding and refinancing options to boost liquidity. The pandemic hit demand and forced factories around the world to suspend production. However, Aston resumed operations as its Welsh plant last week but not at its other site located in southern England as yet. "We were obviously fairly significantly hit by COVID-19, starting with China in January but more clearly in what we saw as it came across towards Europe and the United States," Chief Executive Andy Palmer told Reuters. The company posted a pre-tax loss of 119 million pounds ($145 million), compared with a loss of 17 million pounds ($21 million) last year, and said it could no longer provide an annual outlook. Its full-year loss in 2019 came in at 104 million pounds. Shares were down 5% at 36 pence, as of 07:35 GMT on Wednesday. The carmaker said production of its DBX SUV, which is key to boost volumes and appeal to new buyers including more women, was on track and had a strong order book. The luxury brand, which has seen core retail sales slump by an annual 31%, has furloughed staff, introduced additional safety measures and cut the pay of its senior management as part of measures to handle the crisis caused by the pandemic. Stroll, who hopes to pursue a turnaround partly by sharing Formula One technology with the firm's range of road cars, leads a consortium that took a 25% stake in the company earlier this year as part of a capital raise worth 536 million pounds. "Given the ongoing uncertainties, as is prudent, the company continues to review all future funding and refinancing options to increase liquidity," the company said on Wednesday.   (Reporting by Costas Pitas; Editing by James Davey and Sherry Jacob-Phillips)

New Aston Martin V12 Vantage rumored with 670 hp

In August, spy photographers at the Nurburgring took pics of an Aston Martin Vantage mule doing hard laps. The primer black test car sported an extra wide body, a big ol' V-shaped mesh net on its hood likely hiding heat extractors, an enormous grille with extra intakes along the sides, and dual pipes jutting out the center of the rear diffuser. It looked like Aston Martin had put its 5.2-liter V12 into a Vantage engine bay, and reports from ears on the ground said it sounded that way, too. Remember, last year's Aston Martin Speedster was based on the Vantage chassis and was powered by that 5.2-liter V12, an engine not available in the series production Vantage. In the Speedster, that engine produced 690 horsepower and 555 pound-feet of torque. The Supercar Blog reports that its sources say a reborn V12 Vantage might have its engine restricted to 670 hp. That seems a logical number, possibly putting the V12 Vantage a notable step down from the 715-hp DBS and the 690-hp special edition Speedster. If it does get 670 hp, that figure would put it 40 ponies ahead of the DB11 with the same V12, but TSB reports the V12 Vantage will be a limited edition. Expected to arrive for the 2023 model year as part of the standard Vantage's model update, sources say there will only be 299 made.  The last time Aston Martin put its biggest engine in its smallest car, the result was arguably the best and most enjoyable car in the automaker's range. We have the same expectation this time around. Unlike the last time, though, there won't be a manual transmission on the menu; it's said the updated Vantage will go with the eight-speed automatic only. Now that the Vantage F1 Edition starts at over $160,000, a V12 Vantage could start beyond $190,000 and even creep over $200,000. Company CEO Tobias Moers has said he plans 10 derivatives of existing models by 2023, so it seems likely that this won't be the only special edition Vantage on the way.

Weekly Recap For 7.8.16 | Autoblog Minute

Senior Editor Greg Migliore recaps the week in automotive news, including a look at the new V12 hypercar coming from Aston Martin and Red Bull Racing. Aston Martin Jeep Autoblog Minute Videos Original Video autos Red Bull Racing hypercar am-rb 001