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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)

Latest Spectre trailer loaded with cars, action

We've already received our first glimpse of the latest James Bond film, Spectre. But while that 90-second trailer was a bit light on vehicular mayhem, the trailer that aired during last night's NBA Finals game certainly wasn't. The 60-second spot started similarly to the first official Spectre trailer, but it quickly descended into something with a lot more action. Bond's one-off Aston Martin DB10 makes an appearance, as it did in the first trailer, but this time, we get a look at its duel with the Jaguar C-X75 of the film's villain. There are flames. Many flames. Check out the full trailer up top, and keep an eye open come November, when Spectre hits theaters.

Aston Martin Vantage F1 Edition adds more power, downforce

Well, it seems we were onto something, Aston Martin really did give us a pace car edition of the Vantage. Or, in F1 parlance, a safety car edition. It's technically called the Aston Martin Vantage F1 Edition, and fortunately, it's not just a Vantage with a fancy paint job. It actually boasts several performance improvements that it shares with the real safety car. You can even see some of those upgrades. The car features a front splitter and canards, rear wing, and under body tweaks. They all allow the F1 Edition to make an additional 441 pounds of downforce at top speed over a standard Vantage. Though not majorly affecting performance, the Vantage F1 Edition also receives a slatted grille, carbon fiber accents, quad-tip exhaust, exclusive 21-inch wheels, and a matte dark grey stripe. Only three colors are available, Aston Martin Racing Green, black and white, all three of which can be matte or gloss. Inside, the car gets black leather and grey Alcantara with your choice of green, black, grey or red stitching and center stripe. The F1 Edition gets extra power, too. The twin-turbo 4.0-liter AMG V8 makes 527 horsepower, an increase of 24, though torque is unchanged at 505 pound-feet. An eight-speed automatic is the only transmission available, and Aston Martin says it has been retuned to shift faster. Acceleration and top speed don't change, with 0 to 60 happening in 3.5 seconds for the coupe and 3.6 seconds for the roadster. The coupe's top speed is 195 mph and the roadster's is 190. Besides the extra grunt, the F1 Edition gets stiffer springs and retuned shocks along with a steering rack that Aston says provides better feedback. To pick up one of these upgraded Vantages, you'll need $162,000 for the coupe. Pricing hasn't been given for the roadster, but it will likely cost a bit more. Aston is taking orders now, and cars will be delivered to customers and dealers starting in late summer this year. Related Video: Aston Martin DBX in Stirling Green | On road, off-road and on the track