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Aston Martin CEO Andy Palmer to leave in favor of AMG chief Tobias Moers

Aston Martin Chief Executive Andy Palmer is leaving the business as part of a management shake-up and will be replaced by Tobias Moers, CEO of Mercedes-AMG, a source familiar with the matter told Reuters on Sunday. The luxury carmaker said in an emailed statement that it is reviewing its management team but declined to comment on Palmer's fate. Palmer and Germany's Daimler, which owns a 5% stake in Aston Martin and supplies the carmaker with Mercedes-AMG engines, also declined to comment. The Financial Times newspaper had reported earlier that the Aston Martin chief was going to leave as part of a shake-up of its leadership, with an official announcement expected on Tuesday. Palmer had not been informed of the upcoming announcement, the newspaper reported. Aston Martin, famed for being fictional secret agent James Bond's car of choice, has seen its share price plummet since floating in October 2018. The 107-year old British luxury carmaker earlier this month posted a deep first-quarter loss after sales dropped by almost a third due to the impact of the novel coronavirus outbreak. The company has been banking on its sport utility vehicle to drive sales in a new segment, and said production was on track. In January, dire conditions forced the company to bring in Canadian billionaire Lawrence Stroll who bought a roughly 20% stake for nearly 200 million pounds ($263 million), as the ailing carmaker sought to raise funds. The coronavirus pandemic and shutdowns caused by it have hit demand and forced factories around the world to suspend production, negatively impacting many industries, including car manufacturers. "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," Palmer told Reuters earlier in May. Related Video:

Daimler: 2017 the right time to launch our hydrogen fuel-cell vehicle

Zero-emissions vehicle development has never focused purely on off-the-line acceleration. So when a research executive with Mercedes-Benz parent Daimler says it's Okay that companies like Toyota and Hyundai will have a head start selling hydrogen fuel-cell vehicle, it's somewhat believable. But is Daimler really fine with being two years behind? It appears so. Daimler plans on debuting its first fuel-cell vehicle in 2017, Automotive News says, citing an interview Automobilwoche had with Daimler's corporate research chief Herbert Kohler. The German automaker estimated about a decade ago that it would be able to get fuel-cell production costs down to an "acceptable" level in 2012, but it turns out that estimate was about five years too aggressive. Daimler originally started leasing out a limited number of its F-Cell hydrogen vehicles in the US for $849 a month, though later brought that down to $599 a month. Daimler says it received a boost in its effort to accelerate fuel-cell powertrain development when it reached an agreement early last year with Nissan and Ford to work together on speeding up relevant powertrain technology. While Toyota's first fuel-cell vehicle in Japan is priced at almost $70,000 (before big government incentives kick in), Kohler says Daimler's first fuel-cell vehicle will be priced similar to a hybrid vehicle. Of course, that's a Mercedes-Benz hybrid we're talking about here, but still. Related Gallery Mercedes-Benz F-Cell View 9 Photos News Source: Automotive News - sub. req. Green Mercedes-Benz Hydrogen Cars h2

Mercedes 'could' do BMW i rival. But it won't

It's a safe bet that if one automaker does something, its big rival won't be far behind with a response. This is true no matter the country in question. So with BMW's i sub brand enjoying a firm, green standing, it seems like only a matter of time before Mercedes-Benz answers. Or not. Speaking to Autocar, the company's head of sales and marketing, Ola Kallenius, said Mercedes could absolutely conjure up an ultra-efficient sub-brand filled with unique, eco-friendly models to compete with the i3 and i8. Or, you know, it could just apply a fuel-sipping philosophy across the company's range and crush i with a far wider array of models and powertrains. "We could choose for the purpose-made electric vehicles to create some sort of sub-brand but, right now, Mercedes is focused on investing tremendous resources into the path towards zero emissions," Kallenius told Autocar. "It's something that will affect the whole portfolio." And that's not all. "What we're going to do in terms of the road to zero emissions is invest heavily in alternative drivelines and electrification," Kallenius said. "That's a very wide strategy, but it means that by the end of next year we will have 10 plug-in hybrid models, which, I think, is the widest portfolio of any luxury manufacturer." Zing. Kallenius went on to say that on top of the PHVs, MB will sell three all-electric models – two Smart-badged vehicles and the not-for-US B-Class – while its next fuel-cell model, a GLC-based CUV, will hit dealers at the end of 2017. Related Video: