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Aston Martin shares plunge to new low following half-year loss

LONDON — Shares in Aston Martin plunged 17% to a post-flotation low on Wednesday after the luxury British carmaker slumped to a half-year loss, the latest automotive firm to be hit by falling demand in Europe. Aston Martin, best known as James Bond's favorite marque, has been undergoing a turnaround plan since Chief Executive Andy Palmer took over in 2014, designed to renew and boost its model line-up and move into new segments. The plan led to an autumn 2018 stock market flotation. But its shares have since fallen by around three quarters from their 19 pounds float price to below 5 pounds, hit most recently by the group's weak performance in Europe, the Middle East and Africa, where half-year demand fell by nearly a fifth. The group posted a pretax loss of 78.8 million pounds in the six months through June from a 20.8 million pound profit in the first half of 2018. Its shares were down 17% at 4.71 pounds by 0748 GMT. "We are disappointed that our projections for wholesales have fallen short or our original targets, impacted by weakness in two of our key markets as well as continued macro-economic uncertainty," Palmer said. Overall wholesale demand grew by 6% in the first six months as the group posted strong increases in the Americas and Asia, but a decline in Britain and the rest of the continent prompted the carmaker to cut its full-year forecast. Aston has also been hit by expansion costs as it builds a new factory in Wales to make its first sport utility vehicle, and a lower average selling price. The company said that if it requires some additional financing it would pursue the funds from sources such as the debt markets. The global car industry has been hit by weakening demand in China and a drop in demand for diesel vehicles in Europe, as well as the cost of electrification. Nissan reported plunging profits last week and said it would undertake its biggest restructuring plan in a decade, axing nearly a tenth of its workforce. But 106-year old Aston also faces the risk of a disorderly Brexit disrupting its wholly British production, as delays at ports due to new bureaucracy could slow down the movement of vehicles and components. "We do not want a no-deal Brexit because of the disruption that causes to issues at the border," said Palmer.

Alfa Romeo Tonale Jeep-derived crossover reportedly delayed by new CEO

Alfa Romeo's long-awaited Tonale crossover might not make its global debut in 2021 after all. Its launch has reportedly been delayed because the firm's boss wasn't satisfied with the proposed plug-in hybrid drivetrain. Anonymous sources familiar with the company's product plan told industry trade journal Automotive News that the Tonale won't begin arriving in showrooms until the first part of 2022 at the earliest, a delay of at least three months. It was tentatively scheduled to enter production on the outskirts of Naples, Italy, in October 2021. While setbacks aren't uncommon, the same sources claim the soft-roader's postponement was ordered by Jean-Philippe Imparato, who was appointed Alfa Romeo's chief executive in January 2021 when FCA merged with PSA to form Stellantis. Formerly at the head of Peugeot, Imparato demanded better performance from the hybrid powertrain that will be offered on some variants after seeing the Tonale for the first time in January 2021. Whether he wants additional electric range, more horsepower, or both remains to be seen. Alfa Romeo hasn't released technical details, but Automotive News reported the crossover will be closely related to the Jeep Compass, so it could get its American cousin's gasoline-electric plug-in technology. It consists of a 1.3-liter four-cylinder engine and an electric motor mounted over the rear axle. The system's total output checks in at 190 horsepower and 199 pound-feet of torque, though a 240-horse variant of the drivetrain is available on more upscale trim levels. Electric range is rated at 31 miles at up to 81 mph, and hitting 60 mph from a stop takes 7.5 seconds, a respectable figure for the segment. Another point that's unclear is how engineers will improve the Tonale's numbers. Making tweaks to Jeep's 4xe powertrain is an option; borrowing components from the Peugeot-Citroen parts bin is another, though the latter solution is more difficult to implement than the former. Less than a year away from production, even with the delay taken into account, the Tonale is mostly locked in. Photos taken during a design clinic (pictured) suggest it has changed significantly since we discovered it as a concept in 2019. Redesigning the engine bay to accommodate a different four-cylinder or reengineering the structure to fit a bigger battery could cost millions of development dollars.

Aston Martin Valhalla is ready to Ragnarok with 937 plug-in horsepower

The Aston Martin Valhalla is here. The company's first series-production, mid-engine monster packs 937 plug-in hybrid horsepower in a lightweight carbon fiber chassis. This 217-mph hypercar is expected to run a 6:30 lap around the Nurburgring Nordschleife. Originally, the hopeful Ferrari killer was referred to as Project 003. It was later renamed Valhalla and was on track to make its debut with an in-house, 3.0-liter turbocharged V6 – the first engine Aston developed in-house since a 5.3-liter V8 entered production in 1969. After Daimler increased its stake in the British luxury builder in 2020, those plans went out the window.  Rather than an in-house V6, the Valhalla will now be powered by a customized AMG Black series V8 plug-in hybrid powertrain. The twin-turbocharged, 4.0-liter flat-plane-ocrank V8 makes a respectable 740 horsepower all on its own. Two electric motors combine for an additional 201. That should add up to 941, not 937; we're assuming a few stray horses drowned crossing the Great Sea of Unit Conversion.  The engine and motors are paired to a unique eight-speed dual-clutch automatic gearbox that has no physical reverse gear. Instead, the electric motors are run the opposite direction to simulate a backward gear, saving both weight and complexity in the gearbox. This is mated to an advanced torque vectoring all-wheel drive system can send 100% of available electric power to either the front or rear axles. Aston Martin says it will do 0-60 in just 2.5 seconds on the way to a 217 mph top speed. Around town, it can also cruise in electric-only mode for up to 9 miles up to a speed of 80 mph, but we suspect you'll deplete the battery much more quickly than that if you floor it up to its top EV speed.  "Preserving the essence of an exceptional concept car is vital when meeting the challenge of bringing it into production," said CEO Tobias Moers. "With Valhalla not only have we stayed true to our commitment to build a world-beating supercar, but we have exceeded our original aims. The result is a pure driving machine — one which exists right at the cutting edge of performance and technology yet allows the driver to feel the emotion and thrill of complete connection and control." Its carbon fiber body construction makes it ultra-light (just 3,417 pounds, which is nothing for a PHEV) and super rigid.