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Aston Martin confirms Mercedes-AMG boss Moers to replace CEO Palmer

Aston Martin confirmed on Tuesday that Tobias Moers, CEO of Mercedes-AMG, would become chief executive on August 1, replacing Andy Palmer, who stepped down on Monday. The Financial Times newspaper reported over the weekend that Palmer would step down, before he had been informed. A source familiar with the situation had also confirmed to Reuters the planned move. "The board has determined that now is the time for new leadership to deliver our plans," Lawrence Stroll, Aston Martin Lagonda's Executive Chairman said. The company said Moers, who will be based at its headquarters in Warwickshire, had built a reputation for transforming businesses in tough environments during his 25 years in senior roles at Daimler. Germany's Daimler AG owns a 5% stake in Aston Martin and supplies the carmaker with Mercedes-AMG engines. "Under Tobias’ leadership, Mercedes-AMG has more than doubled its product portfolio and quadrupled the number of AMG units sold, with a clear pipeline of further expansion opportunities, especially in electrification of powertrains in the performance segment," Aston Martin said in a statement. "TobiasÂ’ focus on operating and manufacturing efficiency has delivered significant margin expansion. This strong financial performance was supported by the introduction of a clear brand management strategy, which delivered a measurable increase in brand value and awareness." Aston Martin 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. "All of my and TobiasÂ’ energy will be dedicated to building on the CompanyÂ’s inherent strengths, its brand, its engineering prowess, and the skills of its people to enable Aston Martin to become one of the pre-eminent luxury car brands in the world," Stroll said. Related video:

Mercedes-Benz S500 Plug-in Hybrid ready for 'major role' in urban areas

We finally got a clear look at the Mercedes-Benz S500 Plug-in Hybrid at the Frankfurt Motor Show last fall, but it took until this week to learn what the vision (see what we did there) is that Mercedes-Benz has for the PHEV. Despite it's generous size, Mercedes thinks this is a vehicle that will work well in urban areas. Speaking to members of the media during the Detroit Auto Show, Thomas Weber, Daimler AG management board member and research and development chief for Mercedes-Benz cars, said that the S500 PHEV, "will play a major role in congested areas" and that it will offer "a lot of driving pleasure." Part of that pleasure will come from a 0-62 mile-per-hour time of around 5.5 seconds thanks to a turbocharged, 3.0-liter V6 and an 80-kilowatt electric motor. The PHEV also has a 19-mile EV range, which will put it at the bottom end of the Three-Pointed star plug-in lineup. The upcoming C-Class plug-in, for example, will likely go, "closer to 50 km [31 miles]," Weber said, according to Green Car Reports. The S500 PHEV will go on sale in Europe later this year and will come to the US in early 2015 but there is no timeline, yet, for the C-Class plug-in (and the standard gas-electric hybrid version) or the even-more-future E-Class hybrids. Featured Gallery 2014 Mercedes-Benz S500 Plug-in Hybrid: Frankfurt 2013 View 22 Photos News Source: Green Car ReportsImage Credit: 2014 Jonathon Ramsey / AOL Green Detroit Auto Show Mercedes-Benz Electric Hybrid PHEV s500

Kimi Raikkonen fastest in first Belgian Grand Prix practice

SPA-FRANCORCHAMPS, Belgium — Ferrari's Kimi Raikkonen lapped fastest in first practice for the Belgian Grand Prix on Friday but Mercedes, and title contender Lewis Hamilton, still looked every bit the team to beat. A four-time winner at Spa, and with a contract extension for 2018 announced earlier in the week, Raikkonen lapped the longest track on the calendar with a best time of 1 minute 45.502 seconds. The 37-year-old Finn's time was set on the quickest ultra-soft tires, however, while Hamilton — preparing for his 200th race start — was second-fastest and only 0.053 slower on the soft compound. Hamilton was 0.092 faster than Ferrari's world championship leader Sebastian Vettel, with the German third on the timesheets and also setting his time on the quickest but least durable tire. Vettel leads Hamilton by 14 points with nine races remaining. Red Bull's Dutch teenager Max Verstappen, Belgian-born and attracting a huge traveling support of orange-capped fans, was fourth fastest with Australian team mate Daniel Ricciardo fifth. Hamilton's teammate Valtteri Bottas, who bumped into the tire barrier after going off across the gravel and damaged his front wing, was sixth fastest. The session was halted after 15 minutes when Brazilian Felipe Massa, who missed the previous race in Hungary after feeling dizzy in practice, crashed heavily into the tire barrier at turn seven out of Les Combes. He was taken to the medical center for checks, before returning to the pitlane, with his team facing a long job rebuilding the car. The session resumed after a 10 minute stoppage. Williams said the chassis would have to be changed and the team still hoped to get the car back out on track for some of the day's second session, even if that looked like being optimistic. Fernando Alonso suffered a lack of power in his McLaren, but still ended up 13th fastest. Belgian team mate Stoffel Vandoorne, who will start his home race last on Sunday thanks to a 35 place penalty due to a power unit change, was 10th. Reporting by Alan BaldwinRelated Video: Image Credit: Reuters Motorsports Ferrari McLaren Mercedes-Benz F1 Lewis Hamilton Sebastian Vettel Kimi Raikkonen Max Verstappen Valtteri Bottas belgian grand prix