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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)

Major Aston Martin shareholder cuts stake in British carmaker

A top Aston Martin shareholder cut its stake in the British carmaker by nearly 5%, a regulatory filing showed on Monday. Italian private-equity firm Investindustrial Advisors Ltd disclosed a stake of 14.99% in Aston Martin as of May 29, compared with its previous stake of 19.92%. It was not immediately clear why the fund cut its stake.  Investindustrial is the company's second-biggest shareholder after Canadian billionaire Lawrence Stroll, according to Refinitiv Eikon data. The 107-year old luxury carmaker in May posted a deep first-quarter loss after sales dropped by almost a third due to the impact of the novel coronavirus outbreak. Aston Martin and the PE firm did not immediately respond to requests for comment. (Reporting by Pushkala Aripaka in Bengaluru; Editing by Anil D'Silva) Related Video:

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.