2017 Aston Martin Vanquish on 2040-cars

Auto blog

Canadian billionaire Lawrence Stroll leads $240 million Aston Martin investment

After months of rumors and speculation, Canadian billionaire Lawrence Stroll confirmed he led the purchase of a 16.7% stake in Aston Martin for GBP182 million ($239 million). The investment is part of a GBP500 million ($656 million) round of emergency funding that will help the British automaker overcome serious financial challenges. Yew Tree Overseas Limited, a consortium of international investors led by Stroll, built its stake by buying 45.6 million new ordinary Aston Martin shares on the London Stock Exchange, according to Autocar. Aston Martin raised the remaining GBP318 million ($417 million) by giving existing investors the opportunity to buy more shares, the BBC learned. It's not a full bailout, but it's close. Aston Martin ended 2019 in dire financial straits. Stroll will replace Penny Hughes as Aston Martin's chairman; CEO Andy Palmer is expected to keep his job. Several sources confirmed the Racing Point Formula One team owned by Stroll will be rebranded Aston Martin after the 2020 season, and Autocar reported the company will quickly need to eliminate jobs and slash costs. "The difficult trading performance in 2019 resulted in severe pressure on liquidity, which has left the company with no alternative but to seek substantial additional equity financing. Without this, the balance sheet is not robust enough to support the operations of the group," Hughes admitted in an interview with the BBC. Stroll's' appointment to the Aston Martin board comes as the company prepares to overhaul its product plan. It notably confirmed the rumors claiming it put the battery-powered Rapide project on the back burner until further notice, and it delayed plans to revive the Lagonda nameplate on a series of extra-luxurious electric vehicles until after 2025. The first car was originally scheduled to reach the market in 2022, but the battery technology is expensive to develop, and Aston must save about 10 million pounds (around $13 million) annually. The firm will instead focus on mid-engined sports cars. Still according to Autocar, it will begin delivering the 1,160-horsepower Valkyrie hypercar this year, and it's on track to launch the Valhalla in 2022. The Vanquish will go mid-engined shortly after. Delaying electric cars doesn't mean abandoning electrification, and Aston Martin hopes to release "a fuel-efficient, modular V6 engine with hybrid capabilities" by the middle of the 2020s.

Aston Martin pens new DB10 for James Bond

James Bond has driven a variety of vehicles over the course of his long and fictitious career in espionage, but few marques have been as intrinsically tied to the famous spy as Aston Martin. For the past few films that's come down to the DBS, but for the next one, 007 is switching to the one you see here. Called the DB10, this latest Aston was designed specifically for the upcoming movie Spectre. Technical details were not disclosed, but the design demonstrates a clean break with the styling that has characterized Astons for the past couple of decades. Working with EON Productions – the studio responsible for the Bond films – Aston's chief designer Marek Reichman and his team penned a new form with decidedly different design cues and applied them to a shape that looks similar to the current V8 Vantage, but with different lines. Beyond the silver screen, Aston will build only ten production examples of the DB10. The bigger question, however, is whether this design will inform the new generation of sports cars and luxury GTs from Gaydon. In the meantime, moviegoers will be able to see the new DB10 in action in Spectre when it debuts on November 6, 2015. Built for Bond: Aston Martin debuts unique car for Spectre - Aston Martin DB10 created specifically for new Bond film - Partnership with EON Productions spans 50 years of cinema history - Demonstrates the breadth of Aston Martin's bespoke capabilities 4 December 2014, Gaydon: Aston Martin together with EON Productions, the producers of the James Bond film franchise, unveiled Bond's stunning new car, the Aston Martin DB10, on the 007 stage at Pinewood Studios. The luxury British sports car brand is delighted to confirm that James Bond will once again drive an Aston Martin in Spectre. On this occasion, it will be a model developed specifically for the film and built in-house by the brand's design and engineering teams. Led by Aston Martin Chief Creative Officer, Marek Reichman, the design team worked closely with the film's director, Sam Mendes, to create the ultimate car for the world's most famous spy. Celebrating the great British brand's half century with Bond, which started with the iconic DB5, the DB10 gives a glimpse to the future design direction for the next generation of Aston Martins.

Aston Martin spars with WEC over Valkyrie's exit from racing

Confirming an earlier rumor, Aston Martin announced it has stopped developing the track-going version of the Valkyrie it planned to enter in the World Endurance Championship's (WEC) new Hypercar category. It blamed its decision on a recent change in the regulations, but the sanctioning body responded that's not the full story. The British company explained it's unhappy with the WEC's decision to harmonize the Hypercar class with the LMDh category and the WeatherTech Sportscar Championship during the early 2020s. Without providing additional details, it declared the Valkyrie will not make its racing debut at the Silverstone track in August 2020 and it will not challenge Glickenhaus, Toyota, Peugeot and others in the 2021 edition of the 24 Hours of Le Mans. It added it's considering canceling the program altogether, meaning the Valkyrie would never race. Aston Martin isn't quitting racing; far from it. It will continue to enter the Vantage GTE in WEC events around the world, and the Racing Point Formula One team will be rebranded Aston Martin after the 2020 season. The sudden and unexpected entry into Formula One led by investor Lawrence Stroll may have played a role in convincing executives to cancel the Hypercar program. Racing is expensive, and Aston isn't doing well. The Federation Internationale de l'Automobile (FIA) that regulates the WEC doused cold water on Aston's explanation. It opined the harmonization doesn't impact the category, and it pledged to prove this claim when it releases additional technical specifications in March 2020. It instead blamed the decision to withdraw the Valkyrie from racing on the highly-publicized financial issues that have plagued Aston since 2019. "The decision announced by Aston Martin is very regrettable but perhaps not unexpected in light of the persistent rumors over the last six months concerning the fragility of the brand's exposure in the rapidly-evolving automotive market," it wrote. As of writing, executives haven't responded to these allegations. Aston Martin and the FIA both noted they're open to working with each other to find a solution, but the carmaker's statement is highly ambiguous. It affirms Aston's future presence in the racing world will be "defined by its activities at the highest level of both single-seater competition and endurance GT racing" and glaringly leaves the Hypercar category behind. To us, it sounds like the program has already been consigned to the attic.