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Aston Martin CFO departs as stock hits a record low, losses deepen

LONDON — Aston Martin shares slumped to a record low on Thursday after the British luxury carmaker said its losses ballooned last year and its chief financial officer would leave by the end of April. The firm, famed for being fictional agent James Bond's car of choice, posted a pretax loss of 104 million pounds ($135 million) last year compared with 68 million pounds in 2018 following a 9% decline in sales to dealers. Aston Martin is in the midst of restructuring after announcing last month that a consortium led by Canadian billionaire Lawrence Stroll would buy up to 20% of the company and existing shareholders would inject more cash. Its shares, which were listed in October 2018, have been on a steady downward trajectory ever since and hit a record low of 328 pence following the announcements on Thursday, more than 80% lower than their flotation price. "The big difference between last year and this year is the strength of the balance sheet," Chief Executive Andy Palmer told Reuters. "We're in a very different place and have therefore an ability to properly ... destock and that means get the balance right between supply and demand." Chief Finance Officer Mark Wilson will step down from his role no later than April 30 but had not been fired, said Palmer. Coronavirus impact China, Aston's fastest growing market, was a rare bright spot last year with sales rising 28% but the company, like the rest of the industry, has seen demand drop due to the coronavirus outbreak. The virus has infected more than 80,000 people and killed about 2,800, the majority in China, confining millions to their homes, disrupting businesses and delaying the reopening of factories after the extended Lunar New Year holiday break. Aston has seen disruption to the arrival of certain parts but said it had not had to stop production at its factories, with components secured until at least the end of March because it has no direct suppliers in China. "Since almost the first weeks of the New Year we've had issues with those Tier 2 and Tier 3 (suppliers) which have meant that our supply chain guys have had to be on it constantly," said Palmer. "We're ironically benefitting from the fact that we built up a Brexit stock," he said, in a reference to extra components the firm held in case Britain's departure from the European Union led to additional delays in the movement of goods.

Bathurst 12-hour gallery is GT3 heaven [w/video]

The 2015 Liqui-Moly Bathurst 12-Hour race was run this weekend at the Mt. Panorama Circuit in Bathurst, Australia. Race photographer Joel Strickland sent us a huge batch of photos, all of which make us salivate for the switch to GT3 rules in the United SportsCar Championship; the top seven finishers at Bathurst were of seven different makes: Nissan GT-R NISMO GT3, Audi R8-LMS Ultra, Aston Martin Vantage GT3, Bentley Continental GT3, Mercedes SLS AMG GT3, Ferrari F458 Italia and Lamborghini Gallardo. It was a sweet victory for the No. 35 car driven by the NISMO Athlete Global Team after it crashed in Saturday qualifying, and then was only in third place on the penultimate lap. The three-man driving team included two GT Academy winners, one of whom, Florian Strauss, has only been a professional race car driver for 18 months. It's the first time the GT-R has won at Panorama since the original R32 "Godzilla" took back-to-back wins in 1991 and 1992. Second place went to the No. 15 Phoenix Racing Audi R8-LMS Ultra, 2.4 seconds behind the winners, third to the Craft Bamboo Racing Aston Martin Vantage not even half a second behind the Audi. The Bentley Motorsport team, in its first Bathurst 12-Hour with two cars, had its No. 10 Continental GT3 in the lead until the penultimate lap and in second place until the final corner, but crossed the line in fourth after some rubbin'-is-racin' action from chasers. And if pictures aren't enough, as of writing you can still watch the live stream of the entire race at the Bathurst 12-Hour site. Or, if you don't have the time, at least be sure to check out the last five minutes, below. Enjoy. Featured Gallery 2015 Liqui-Moly Bathurst 12-Hour View 118 Photos Image Credit: Copyright 2015 Joel Strickland / AOL Motorsports Aston Martin Audi Bentley Nissan Coupe Racing Vehicles Videos aston martin vantage gt3

Aston Martin creates custom Vanquish series in smooth carbon

In a demonstration of just how extensively it can cater its vehicles to the customer's specific tastes, Aston Martin has done up a special series of Vanquishes at the request of an individual customer. Carried out through the Q by Aston Martin customization service, the Vanquish "One of Seven" edition is distinguished by its unique carbon-fiber bodywork. The order required Aston to develop a new manufacturing process to weave the fibers in multiple layers for a perfectly smooth finish. The resulting exposed carbon bodywork is complimented by satin black trim, custom diamond-quilted seats, and machined carbon logos, for a complete Darth Vader, murdered-out look. As the name suggests, only seven examples will be made, with the first delivered to one Markus Storck, head of high-end bicycle manufacturer Storck Bikes. The remaining examples will be delivered to "six fellow sports car aficionados." Related Video: Q BY ASTON MARTIN CREATES A UNIQUE VANQUISH COLLECTION - Seven bespoke sports cars commissioned by collector - Carbon fibre-themed personalisation pushes manufacturing boundaries - Painstaking process to design, engineer and build the luxury models 1 June, 2015, Gaydon: The Q by Aston Martin bespoke personalisation service is celebrating the fulfilment of a longstanding ambition for sports car enthusiast and businessman Markus Storck. Dr Matthew Bennett, General Manager of VIP sales and Q by Aston Martin personalisation service, delivered the first of seven uniquely built Vanquish Coupes to the German collector at an event held at the luxury marque's headquarters in Gaydon. Mr Storck, founder and head of German hi-tech bicycle manufacturer Storck Bikes, commissioned the Q by Aston Martin team to develop the special 'One of Seven' Vanquish sports cars for himself, and six fellow sports car aficionados. Boasting a broad array of bespoke features including an exclusive exterior finish that sees multiple layers of carbon fibre cleverly interwoven to a perfectly smooth finish – a result that required Aston Martin to develop an entirely new addition to its manufacturing process – the seven Vanquish are sure to become collectors' items in years to come. Matthew Bennett said: "The process of creating these sports cars has been typical of what Q by Aston Martin can deliver.