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Aston Martin sues dealer over $3.5 million Valkyrie supercar

Aston Martin Lagonda Global Holdings said it’s suing a company affiliated with one of its dealers in Switzerland, alleging that it withheld customer deposits collected for the $3.5 million Valkyrie supercar. The automaker accused Nebula Project AG of failing to pass some deposits taken from customers along to Aston Martin and said it has terminated an unconventional commercial arrangement its previous management team entered in 2016. Under the now-dissolved deal, Nebula had agreed to fund development of the Valkyrie and other mid-engine cars in exchange for royalty payments. As a result of terminating the agreement with Nebula, Aston Martin is no longer liable for any potential royalty payments, which could have been “significant” over time, the carmaker said in a statement Tuesday. The company also cut off its dealer arrangements with AF Cars AG, the company that operates Aston Martin St. Gallen in Switzerland, whose board members manage Nebula. A spokeswoman for the cantonal prosecutorÂ’s office in St. Gallen said they are expecting a lawsuit to be filed but hadnÂ’t received it as of noon Tuesday. A spokesman for Aston Martin St. Gallen was not immediately available to comment, according to a receptionist. The canton of St. Gallen in eastern Switzerland is home to just 510,000 people but generates gross domestic product of almost 39 billion Swiss francs ($42 billion), making it a natural fit for wealthy fans of supercars. The Valkyrie, which Aston Martin expects to start shipping in the second half of the year, is intended to compete with mid-engine models made by the likes of Ferrari and McLaren. While Aston Martin believes the net impact of its actions against Nebula will be positive over time, itÂ’s expected to reduce cash flow and earnings before interest, taxes, depreciation and amortization by as much as 15 million pounds this year. The automakerÂ’s shares traded down 1.9% as of 11:50 a.m. in London, paring an earlier decline of as much as 4.9%. Valkyrie customers will still receive their cars as scheduled, Aston Martin said, despite the company not having received all the deposited funds. The company said it will take deposits for special vehicles directly from customers going forward instead of through dealers. Aston Martin racked up significant losses after going public in 2018 and has spent the last year restructuring itself after a rescue by Canadian billionaire Lawrence Stroll, who took over as chairman.

Aston Martin One-77 designer gives back to teacher who changed his life

It's a pretty fair bet that we've all had "that" teacher. The educator that stood out above all the others while we were in school and not only taught us, but made us into a better person – our very own Mr. Feeny, Mr. Belding, Mr. Holland or even Mr. Miyagi. The Windsor Star has the story of one such teacher and her troubled student that went on to help design some of the most desirable cars in the auto industry. Karlene Berry spent 30 years as a teacher, and among her many, many students is Michael Lehti, the product of a broken home and self-described has having "never been the greatest academic." What Lehti could do, though, was design cars. With the help of Berry's class, he overcame his early obstacles and went on to work with the design team on the Aston Martin One-77 (pictured above) and the RUF CTR3, among other vehicles. With Lehti and Benson's old school closing, the pupil reached out to his teacher 32 years after graduation to say "thanks" and pay tribute for her impact on his life. Head on over to The Windsor Star, and check out this inspiring story. Featured Gallery Aston Martin One-77 News Source: The Windsor StarTip: Mike Read This Aston Martin aston martin one-77

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