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Aston Martin shares plunge to new low following half-year loss

LONDON — Shares in Aston Martin plunged 17% to a post-flotation low on Wednesday after the luxury British carmaker slumped to a half-year loss, the latest automotive firm to be hit by falling demand in Europe. Aston Martin, best known as James Bond's favorite marque, has been undergoing a turnaround plan since Chief Executive Andy Palmer took over in 2014, designed to renew and boost its model line-up and move into new segments. The plan led to an autumn 2018 stock market flotation. But its shares have since fallen by around three quarters from their 19 pounds float price to below 5 pounds, hit most recently by the group's weak performance in Europe, the Middle East and Africa, where half-year demand fell by nearly a fifth. The group posted a pretax loss of 78.8 million pounds in the six months through June from a 20.8 million pound profit in the first half of 2018. Its shares were down 17% at 4.71 pounds by 0748 GMT. "We are disappointed that our projections for wholesales have fallen short or our original targets, impacted by weakness in two of our key markets as well as continued macro-economic uncertainty," Palmer said. Overall wholesale demand grew by 6% in the first six months as the group posted strong increases in the Americas and Asia, but a decline in Britain and the rest of the continent prompted the carmaker to cut its full-year forecast. Aston has also been hit by expansion costs as it builds a new factory in Wales to make its first sport utility vehicle, and a lower average selling price. The company said that if it requires some additional financing it would pursue the funds from sources such as the debt markets. The global car industry has been hit by weakening demand in China and a drop in demand for diesel vehicles in Europe, as well as the cost of electrification. Nissan reported plunging profits last week and said it would undertake its biggest restructuring plan in a decade, axing nearly a tenth of its workforce. But 106-year old Aston also faces the risk of a disorderly Brexit disrupting its wholly British production, as delays at ports due to new bureaucracy could slow down the movement of vehicles and components. "We do not want a no-deal Brexit because of the disruption that causes to issues at the border," said Palmer.

Wingsuits are somehow involved in new season of 'Top Gear'

It's a shame that Matt LeBlanc is leaving "Top Gear," but there's a bit of solace in the situation: There's still one more season of him as frontman. BBC just released the new trailer for series 26, and it shows LeBlanc, Chris Harris and Rory Reid getting into all sorts of shenanigans around the globe. "Top Gear" announced LeBlanc's imminent departure back in May 2018, but he still had to finish one more season before leaving. Thus, the upcoming series will be his last, and it looks like he'll go out in a whirlwind of dust, bent metal, water spray and burnt rubber. The trailer shows everything expected from a season of the storied automotive show (well, everything except Hammond, May, and Clarkson, if you're one of those people). There will be precision driving, dubious stunts, name-calling and gobs of stunning videography. In the short one-minute clip, there are flashes of numerous attention-piquing vehicles. The new Bentley Continental GT, a Bentley Le Mans racer, Porsches, Ferraris, the Aston Martin Vantage, and the Mercedes-AMG GT all make appearances. And for some random fun, the boys are seen in wingsuits (doubtful it's actually them), and playing polo in some three-wheel rickshaws (before wrecking said rickshaws). We'll update with more information as soon as we know when the show will start. Related Video: News Source: BBC Celebrities TV/Movies Aston Martin Bentley Ferrari Mercedes-Benz Porsche Videos Top Gear chris harris matt leblanc rory reid

AMG-powered Aston Martins still years away

After flirting for several years, Mercedes-Benz and Aston Martin have finally tied the knot. Just don't expect to see any offspring to result from the union for at least three or four years.
This according to Auto Express, which spoke with Daimler chief Dr. Dieter Zetsche at the Frankfurt Motor Show last week. AE reports that a new range of AMG-developed turbocharged V8s, transmissions and electrical components will make their way into the successors to the current V8 Vantage and DB9, but that these models are still a few years off.
Purists might balk at the thought of a Mercedes-powered Aston holding true to the brand's heritage. But while David Brown (for whom the DB range is named) may have steered clear of shoehorning in Detroit muscle into his cars, the entirety of the company's current range is powered by engines borrowing technology from Ford, and that arrangement seems to have worked well for Aston until now. And if you're still skeptical, look no further than Pagani and its AMG-sourced engines and you should have all the proof you need that the new relationship between Daimler and Aston could be a success.