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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.

Soundcheck: Aston Martin Valkyrie begins to scream

In July, Aston Martin published the first video of the Valkyrie on track at Britain's Silverstone Circuit during the Formula One Grand Prix weekend there. Test driver Chris Goodwin didn't push the 1,160-horsepower coupe to its limits, merely massaging the throttle for the camera a few times. The English carmaker headed back to Silverstone this month with a group of guests in tow, and this time the test driver put a little more muscle into the fly-bys. Since the track was wet, the soundtrack still can't be considered the ultimate experience, but even so, the 6.5-liter Cosworth V12 sounds exceptionally good. This new video injects a high-pitched wail that was missing in July, the kind of wicked, soaring keen that jellies one's organs and notifies the mind of blinding terrors on approach. In fact, the Valkyrie now makes all the noises Formula 1 fans wished the F1 race cars could make. That's no hyperbole, either. Compare the modern Cosworth to the 3.5-liter Honda V12 in the 1991 McLaren MP4/6, the resemblance is clear. Remove the street-legal equipment on the Aston Martin and let Goodwin uncork it, as we expect to happen in next year's World Endurance Championship, and it's clear the WEC might have the best sounding racers in all of motorsport. Deliveries are scheduled to begin before the end of the year, so Aston Martin should be wrapping up its validation testing on Verification Prototype 1 if it hasn't already. After that come competition entries into the FIA World Endurance Championship (WEC). And after that, someone will need to convince at least one owner to drive the Valkyrie on the street so that we can all enjoy the noise.

Aston Martin waxes poetic about the good life with The Art of Vanquish

Aston Martin markets itself as offering the classy alternative to hardcore sports cars. Its vehicles are certainly capable, but they are also sold as offering an extra dose of luxury to go along with their power. The company is leaning hard into that image in a new short film called The Art of Vanquish. Over the grumble of the coupe's V12, the announcer reads a poem about the metaphor of life's journey, and it positions the Vanquish as a symbol of progress. The film is interspersed with shots of luxury goods like thickly upholstered leather chairs and products from sound system maker Bang & Olufsen, men's clothier Hackett London and Swiss watchmaker Jaeger Le Coultre. The production team True Motion Pictures created the short and has also done projects for Audi and Sony, among other companies. Of course, the idea that Aston Martins and other luxury goods are a symbol of life's adventure is a little contrived. It's still just a car after all – albeit an absolutely gorgeous one. Still, the film is an opportunity for a closer look at the Vanquish, and its wonderful growl is featured throughout. Scroll down to watch the video and be swathed in its poetic concept of luxury. Aston Martin, 'The Art of Vanquish' from True motion pictures on Vimeo.