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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.

Is your new-car warranty good at the race track?

We've all heard the horror stories. Your buddy knows a girl that was dating a guy whose best friend's brother once broke his brand-new, recently purchased performance car while making runs at a drag strip or laps at a track day, and the manufacturer wouldn't cover the repair under warranty. True story? Urban legend? Complete crap? Yes, no, maybe. One thing's for sure: Automotive warranties have always come with caveats. In 1908, an ad in the Trenton Evening Times clearly stated: "All Ford Cars Guaranteed for One Year." Although it changed over time, by 1925 the Ford New Car Guarantee only covered 90 days on material and 30 days on labor, and it clearly stated that that there was "No guarantee whatever on Fan Belts, Glass, Bulbs, Wiring, Transmission, Bands, Hose Connections, Commutator Shells, Rollers, Spark Plugs or Gaskets." Whether or not Ol' Henry would pay to fix your Model T if you broke it shaving a tenth off your lap time at the local board track seems to be lost to history. We're guessing no. But what about today? Do new-car warranties in 2017 cover cars when they are driven on race tracks? We researched the warranties of 14 auto brands to find out, and the answer is yes, no, maybe, depending on the brand, in some cases the model, and whether or not your car is modified from stock. Acura has been out of the high-performance car game for a number of years, but jumps back into the party in 2017 with its hybrid-powered $173,000 NSX supercar. And Acura's warranty, as well as Honda's, clearly states that it does not cover "the use of the vehicle in competition or racing events." View 33 Photos So we asked Sage Marie, Senior Manager of Public Relations for Honda and Acura. "If the car is stock, the warranty covers it on a track just as it does on the street. No question," he told us. "However, if the car is modified, say with slick tires or other components that would put higher stresses on the vehicle's parts and systems, then we would have to investigate the circumstances further." Marie went on to say the same would be true for any Acura model or Honda vehicle, including the new 2017 Honda Civic Si. This became a common theme. Chevrolet actually started this practice with the fifth-generation Camaro on the high-performance ZL1 and Z/28 models.

Aston Martin Vantage Roadster limited edition gets 100-year-old styling cues

Aston Martin's oldest-known car is turning 100 years old in 2021, and the British firm is celebrating the occasion with a limited-edition Vantage Roadster built by its Q division. It was commissioned by the company's oldest dealer. Located in Walton-on-Thames in England, distributor Aston Martin HWM worked with Q to bring some of the 1921 A3's design cues into the 21st century. The process was easier said than done considering the A3 and the Vantage share little more than four wheels, and creating a completely new car from the ground up was seemingly not an option.  Instead, the commemorative car is a Vantage Roadster that wears a specific grille with a black mesh insert, a bright aluminum frame, and a replica of the emblem fitted to the A3. It also gains redesigned fender inserts painted in a shade of gray that echoes the A3's hood and fitted with black strap above a "No_3" emblem. Most of the Vantage's exterior trim is black, and bronze brake calipers visible behind 20-inch wheels add a finishing touch to the look. Obsidian Black leather dominates the cabin, though Chestnut Tan inserts and stitching ensure the Vantage isn't fully blacked-out. One of the coolest design features found in this limited-edition convertible is the use of brass for three of the dials found on the center stack. They create a visual link between the 2021 Vantage and the 1921 A3. Aston Martin made no retro changes under the hood, which is just as well considering the A3 used a 1.5-liter four-cylinder engine rated at 11 horsepower. Power for the Vantage comes from a 4.0-liter V8 borrowed from Mercedes-AMG and twin-turbocharged to develop 503 horsepower and 505 pound-feet of torque. It spins the rear wheels via an eight-speed automatic transmission. Aston Martin quotes a 3.6-second sprint from zero to 60 mph and a top speed of 190 mph. For context, the A3 made headlines in 1923 by lapping the Brooklands track at 84.5 mph. The 1920s-inspired Vantage is on sale now, though Aston Martin chose not to reveal how many units will be made, how much each one will cost, and whether any will be sold in America. We've contacted the firm for more details. As for the A3, it's not for sale, even if you ask nicely and bring a big wad of cash; it's owned by the Aston Martin Heritage Trust. It will be shown at the annual Concours of Elegance taking place in September 2021 near London. Related video: Aston Martin DBX crossover review