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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)

Bond in Motion car exhibit coming to L.A.'s Petersen Automotive Museum

The Petersen Automotive Museum was already a must-see for any car enthusiast visiting Los Angeles, and it's about to get a little better should you also be a James Bond fan. Opening Sept. 25 in the museum's appropriately named Grand Salon gallery will be the "Bond in Motion" exhibit of more than 30 cars, motorcycles, boats, submarines, helicopters and scale models used during the creation of the 24 official James Bond films. The timing corresponds with the Oct. 8 release of "No Time to Die," the upcoming 60th anniversary of the first Bond movie ... and hey, the release of our "All 24 James Bond movies ranked only by their cars." Highlights include many of the most famous Bond cars, including a 1977 Lotus Esprit S1 in submarine guise from "The Spy Who Loved Me," an Aston Martin V8 from "The Living Daylights," a 1999 BMW Z8 from "The World is Not Enough," the Aston Martin DB10 specially made for "Spectre," the post-flipped Aston Martin DBS from "Casino Royale," and one of the 1964 Aston Martin DB5s from the recent movies. I visited an exhibit of the same name back in 2013 at England's sensational Beaulieu Motor Museum. Although the one in L.A. won't be as comprehensive as that, simply due to logistics, many of the same vehicles and props will be present. You can see some of the photos from that exhibit below, and should you be a James Bond fan, can appreciate that it went much further than the Aston-heavy headliners above. In fact, it was hard to see what was missing from the collection. Tickets are on sale for the opening reception Sept. 23 featuring "one-night-only photo opportunities, live entertainment, food and martinis, shaken not stirred." Considering this is Los Angeles we're talking about, it's perfectly plausible this means noteworthy cast members from past films. Prices are $60 for general admission and $199 for VIP access, which includes exclusive access to the exhibit, "007 lounge" and a curated talk, plus complimentary food and a hosted bar.  The exhibit runs until October 2022.  AMC Hornet and Mercury Cougar XR7 View 22 Photos  

Aston Martin, Red Bull show off V12-powered hypercar

Not many companies are capable of developing true hypercars. Today, Aston Martin resoundingly declared it intends to be one of them, revealing a V12-powered mid-engine hypercar created in tandem with Formula One's Red Bull Racing. Codenamed the AM-RB 001, The two-seater will arrive in 2018 and will be built on a lightweight carbon-fiber structure. It will be assembled at Aston's Gaydon facility in the United Kingdom where the One-77 was built. Aston says between 99 and 150 road versions will be made, including the prototypes. Twenty five models will be created specifically for track use. Red Bull brags the customer list "reads like a who's who of F1 legends, moguls, and megastars." The AM-RB 001 is the fruit of a partnership between Aston and Red Bull that was announced in March. More details of the hypercar weren't immediately known, but the companies promise "unprecedented levels of downforce" created by aerodynamic elements underneath the car, which allows designers to execute the swoopy appearance shown in today's images. The V12 will be naturally aspirated, and the transmission and suspension are new designs developed by Red Bull. The power to weight ratio will be one horsepower to one kilogram, or 2.2 pounds. The projected will be marshaled by Aston chief creative officer, Marek Reichman, and David King, the carmaker's chief special operations officer who will oversee the build. Red Bull's side will be led by chief technical officer Adrian Newey. "The synergy between Red Bull Racing and Aston Martin is clear," Newey said in a statement. "I knew Red Bull Racing had the ability to handle the pure performance aspects, but Aston Martin's experience of making beautiful, fast, and comfortable GT cars is of great benefit to the project." Related Video: Featured Gallery 2018 Aston Martin Red Bull AM-RB 001 Design/Style Motorsports Aston Martin Coupe Performance Supercars F1 Red Bull Racing