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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)

Aston Martin DB5 'No Time to Die' Edition takes 007 to the tikes

Last August, The Little Car Company introduced the Aston Martin DB5 Junior. It was a two-thirds-scale replica of the life-sized item, with an electric powertrain in place of the inline-six, made for kids whose leases were up on their Little Tikes Cars and wanted to get into something more mature. A year later, with the new James Bond film No Time to Die finally reaching theaters at the end of this month, The Little Car Company (TLC) has rolled out a DB5 Junior No Time to Die Edition in its sales garage. Working with Aston Martin, Eon Productions, and Bond film special effects supervisor Chris Corbould, the newest little Aston gets more power and a host of gadgets. The original DB5 Junior contained a 1.8-kWh battery pack powering a 6.7-horsepower motor, and could be driven in Novice or Expert modes. The Bond-themed version has been uprated to a 7.2-kWh pack turning a 21.5-hp motor, and can be piloted in Novice, Expert, Competition and Escape modes. It's the most powerful vehicle the company currently offers, and can go up to 80 miles on a charge. Fidelity to the original includes Silver Birch paint and Smiths instruments, although a couple of gauges have been swapped out to serve an EV powertrain instead of internal combustion. The Bilstein dampers and Brembo brakes with brake regeneration are subtle improvements. And true, Daniel Craig's Bond doesn't drive the droptop DB5, but TLC made a Q Branch executive decision so that parents could fit in the car beside their kids.   Gadgets are controlled by a hidden switch panel in the passenger's door, because agents-in-training should focus on driving. They goodies menu lists a digital license plate, fake Gatling guns behind the headlights, a real smokescreen generator emitted through exhaust tips, and a skid mode. Owners of the last year's DB5 Junior will get first right of refusal to purchase the No Time to Die Edition. Unlike the original, which TLC made 1,059 examples of, the DB5 Junior No Time to Die Edition will be limited to 125 units. The new version doubles the price of the original, costing GBP90,000 ($122,616 U.S.) plus tax to become a miniature agent in Her Majesty's Secret Service.  Related Video:

Weekly Recap: Aston Martin to add another sports car, new Lagonda sedan, EVs

Aston Martin will revamp and expand its lineup as part of a five-year plan laid out by the company's new executives. If it succeeds, the strategy will position Aston for growth as an independent automaker with a more stable future in its second century. Aston will replace all of the cars in its current lineup and add a fourth sports car to its stable. It currently has three: the DB9, Vanquish and Vantage. The unnamed sports car will be joined by a production version of the DBX concept – an all-wheel-drive electric car that treads near crossover territory – that was revealed at the Geneva Motor Show. Aston's electric strategy also includes a potential electric-powered Rapide. Eventually, Aston plans to build a new four-door Lagonda. Though Aston will diversify its portfolio and the range could expand to seven vehicles, it will limit production to around 7,000 units annually, said Aston Martin marketing and communications director Simon Sproule, who described the company's strategy in an interview with Autoblog. CEO Andy Palmer, who joined Aston last year from Infiniti, has also spoken recently about remaking the company for the future. EVs are a major part of Aston's future, Sproule stressed, because they allow the automaker to "balance" its portfolio. Aston is studying the feasibility of an electric Rapide and is working with an undisclosed engineering firm. It's likely to use a plug-in setup and would cost $200,000 to $250,000 or more. It could use either a rear-wheel or all-wheel-drive configuration. View 14 Photos "It's a study, but we're serious about it," Sproule said. He added for emphasis: "If not this, there will be an electric Aston Martin in the future." Aston has taken note of what Tesla has done with the brisk-driving Model S and decided that's the dynamic it wants for some of its own cars. Even though EVs don't emit the same sonorous note as a V12 – they're better than the alternative, Sproule said. "The sound of silence is much more preferable than the sound of a four-cylinder whining away under the hood of an Aston Martin," he said. Speaking of V12s, they're not going away. Aston will continue to make its own V12 engine, but will source its V8 from Mercedes-AMG (whose parent, Daimler, owns a small stake in Aston). While the V12 is sure to please the faithful, Aston admits EVs and the crossover-like DBX will rankle many. Sproule argues those are the moves that will keep Aston relevant.