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Aston Martin CFO departs as stock hits a record low, losses deepen

LONDON — Aston Martin shares slumped to a record low on Thursday after the British luxury carmaker said its losses ballooned last year and its chief financial officer would leave by the end of April. The firm, famed for being fictional agent James Bond's car of choice, posted a pretax loss of 104 million pounds ($135 million) last year compared with 68 million pounds in 2018 following a 9% decline in sales to dealers. Aston Martin is in the midst of restructuring after announcing last month that a consortium led by Canadian billionaire Lawrence Stroll would buy up to 20% of the company and existing shareholders would inject more cash. Its shares, which were listed in October 2018, have been on a steady downward trajectory ever since and hit a record low of 328 pence following the announcements on Thursday, more than 80% lower than their flotation price. "The big difference between last year and this year is the strength of the balance sheet," Chief Executive Andy Palmer told Reuters. "We're in a very different place and have therefore an ability to properly ... destock and that means get the balance right between supply and demand." Chief Finance Officer Mark Wilson will step down from his role no later than April 30 but had not been fired, said Palmer. Coronavirus impact China, Aston's fastest growing market, was a rare bright spot last year with sales rising 28% but the company, like the rest of the industry, has seen demand drop due to the coronavirus outbreak. The virus has infected more than 80,000 people and killed about 2,800, the majority in China, confining millions to their homes, disrupting businesses and delaying the reopening of factories after the extended Lunar New Year holiday break. Aston has seen disruption to the arrival of certain parts but said it had not had to stop production at its factories, with components secured until at least the end of March because it has no direct suppliers in China. "Since almost the first weeks of the New Year we've had issues with those Tier 2 and Tier 3 (suppliers) which have meant that our supply chain guys have had to be on it constantly," said Palmer. "We're ironically benefitting from the fact that we built up a Brexit stock," he said, in a reference to extra components the firm held in case Britain's departure from the European Union led to additional delays in the movement of goods.

Aston Martin DBX SUV spied up close towing, and we get interior shots

An Aston Martin SUV called the DBX is going to be revealed in the last quarter of 2019, and here's your newest batch of spy photos showing it out testing. There isn't much new to see on the outside, but our spy photographer managed to capture more detailed photos of the interior. Before you get too excited, know the interior is pretty much entirely unfinished. This particular DBX prototype seems to be a fairly early build, as everything on the inside looks cobbled together. If you peer through the rear windows you'll see what looks like some sort of rollcage and massive jugs meant to simulate the weight of passengers. Also, like before, there's a smattering of Mercedes parts in there. We see the Mercedes infotainment display, center console and center stack design, plus Mercedes seat controls. Curiously, those seat controls are on the tunnel separating the driver and passenger. Aston could get away with doing that, but with all the space an SUV offers, it seems somewhat unnecessary to package it thusly. We'll just assume nothing is final at this point, due to the state of confusion currently on display in the Aston's interior. We do have something interesting to look at on the exterior of the DBX, though. It's hauling something, and that something happens to be a Taylor dynamometer, according to the logo on the side. This kind of dyno is used to apply a measured load to the vehicle, in addition to simulating driving up and down slopes. This SUV is rumored to have AMG's 4.0-liter twin-turbo V8 under the hood, so it could have some heady towing capability. Aston seems intent on making this SUV do SUV things, so a solid tow rating could be in the cards. The wait isn't long at this point for the DBX, but Aston hasn't uncovered anything more than it did last year. With the actual announcement nearing, we hope to see more of the large Aston Martin bruiser soon.

Aston Martin Valkyrie begins production in dashing green dress

A new era of hypercars is officially born today, as the first production Aston Martin Valkyrie rolls off the line. That’s right, the Valkyrie is officially starting its extremely limited production. The Valkyrie entering production now also means that Aston Martin has beaten Mercedes and its competing hypercar, the AMG One, to production — both cars saw their "debuts" in 2017. Last we heard from Mercedes on that front, the AMG One was still undergoing testing. Updated timing on the carÂ’s production release was not detailed in this announcement that took place over a year ago. Perhaps those who ordered the AMG One have more insight on when their specific cars will be built, but for now, the production car is still floating out there in the ether. Meanwhile, Aston Martin says the first Valkyrie, pictured in green here, is awaiting delivery. Aston does not say who the first owner is or detail the spec of the car, but we applaud the dark green paint chosen. “It is an immensely proud moment for us to complete our first ever hypercar,” Aston Martin CEO, Tobias Moers said. “The Aston Martin Valkyrie program has tested everyone who has worked on it to the limit but the commitment to the dream has produced a truly incredible car, an F1 car for the road.” Production for the Valkyrie is taking place in a special Valkyrie-only area of AstonÂ’s Gaydon headquarters. A small team of technicians spend over 2,000 hours total to build each car, and there will be 150 total Valkyries produced. If you want to know all the nitty gritty details of AstonÂ’s hypercar, make sure to check it out in our previous Valkyrie coverage. And enjoy the sound of its Cosworth V12, too. ItÂ’s downright magical to hear. Related video: