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Aston Martin seeks ‘big brother’ despite first profit in years, IPO talk

Aston Martin just reported that it earned $121 million (or GBP87 million) in 2017, its first profit in eight years, and it's preparing for a possible initial public offering, eyeing a valuation as high as $6.95 billion (GBP5 billion). It has a strategy to begin converting its fleet to hybrid and electric powertrains. Nevertheless, the low-volume British luxury marque says it needs a helping hand to survive the wave of autonomous driving technology sweeping the automotive industry. CEO Andy Palmer tells Bloomberg it's looking for a "big brother" partner to help it with the billions of dollars in capital requirements posed by the dawn of driverless cars. "We are making a new kind of company, a company that can survive on 7,000 to 14,000 very highly priced, very profitable cars a year, but it can survive because of its partnerships," Palmer told Bloomberg TV. "It can be very profitable on that 7,000 to 14,000 cars a year but only by having a big brother that can help it out." Palmer said Aston Martin already has a partnership with Daimler AG, which owns a 5-percent stake in the company, to develop autonomous capabilities, but more help is needed. One assumes he is envious of competitors like Rolls-Royce and Bentley, which benefit from the corporate parentage and financial resources of BMW and Volkswagen, respectively. Sales grew 48 percent in 2017 to nearly 5,100 units, Aston's highest sales volume in nine years, on the strength of the DB11 sports car, which starts at $211,995. It was enough for Palmer to proclaim in a release, "The financial turnaround of Aston Martin is now complete." While it shops around for a sugar daddy, Aston Martin is busy building a new factory in Wales, set to open in 2019. It has launched new models like the DB11 Volante and Vantage, plus the limited-production DB4 GT Continuation model. Further out, the company is building 155 examples of its first electric car, the RapidE, due in 2019, and it's developing an electric version of the DBX crossover, also for 2019. Palmer has said Aston Martin will offer all six of its vehicles in hybrid variants by 2025, with 25 percent of its vehicles to be fully electric by the end of the 2020s. Related Video: Image Credit: Aston Martin Aston Martin Autonomous Vehicles Electric Luxury aston martin rapide aston martin vantage aston martin db11 aston martin dbx aston martin db11 volante

British carmakers facing hard choices as the clock ticks toward Brexit

ST ATHAN, Wales/GAYDON, England - In three cavernous former Royal Air Force hangars at an old airbase in Wales, luxury carmaker Aston Martin is forging ahead with construction of a new vehicle assembly plant. The paint shop is in, robots are being unpacked, and production of the company's critical new sport utility vehicle is on track to start this year – Brexit deal or no deal. "I still have to believe that we'll get to a proper and right decision because a no-deal Brexit is frankly madness," Aston Martin CEO Andy Palmer told Reuters at the company's Gaydon headquarters in England, where designers are working on a diverse lineup of vehicles for the 2020s and beyond. Headlines have focused on plant closures and job losses ahead of Britain's divorce from the EU. Nissan has scrapped plans to build its new X-Trail SUV in the country, while Honda will close its only UK car plant in 2021 with the loss of up to 3,500 jobs - though it has been said the decision was not related to Britain's exit from the EU. However, many auto companies - from luxury marques like Aston Martin to mass-market brands such as Vauxhall - are working on ways to survive after March 29. On the outskirts of London, workers at Vauxhall's operation in Luton are preparing to produce a new line of commercial vans following fresh investment from the brand's French owner PSA, which they are counting on to sustain more than 1,000 jobs. While post-Brexit market conditions remain a big unknown, Vauxhall boss Stephen Norman told Reuters Britain's exit from the European Union could present an opportunity to increase the brand's market share. He is pursuing a marketing campaign to boost demand for the company's modestly priced cars and SUVs. The continued investment by some carmakers and the potential sales upside seen by Vauxhall reflect the conflicting decisions and opportunities that brands face depending on their size, their customers and where they are in the production cycle. All automakers in Britain will have to find ways to make Brexit work, even if only in the short term. Nissan builds nearly 450,000 cars and multiple models, making it hard to pull out of the country any time soon. Toyota builds just one model in Britain, the Corolla, but has only just started making it. The typical life cycle of a car is six years. RACKS OF DASHBOARDS Aston Martin and Vauxhall are as different as two auto companies can be.

Aston Martin Vantage Roadster goes fast, and so does its roof

Two years after the hardtop Aston Martin Vantage redefined the Vantage nameplate yet again, the coupe has dropped its top. Below the shoulder the Vantage Roadster holds true to nearly everything that compelled us to label the coupe "a significant milestone." Above the shoulder, a fabric top envelops an "ultra-compact" Z-frame that drops in 6.7 seconds and unfurls in 6.8. The carmaker says it's the fastest fully electronic mechanism out there, and operates at speeds of up to 31 miles per hour. Thanks to the frame's compact design, the car's lines don't differ much from the hardtop. Nor do the performance specs: The convertible gains 132 pounds over the fixed-roof, needs 3.5 seconds to hit 60 mph instead of 3.5, and maxes out at 190 mph, five miles per hour less than the coupe. Losing the rear hatch takes a bit out of luggage space, though, which declines from 12.4 cubic feet to seven. Aston Martin says the cubby will still swallow a full-sized golf bag and related paraphernalia. The Mercedes-AMG-sourced 4.0-liter twin-turbo V8 delivers the full 503 horsepower and 505 pound-feet of torque. Engineers tuned the suspension, differential, driving aids, and driving modes specifically for the convertible. The carmaker has made its seven-speed manual transmission newly available on the coupe this year — it was offered previously only on the Vantage AMR — but the droptop is barred from the row-your-own party. The Vantage Roadster sticks with the ZF eight-speed automatic. Convertible buyers can avail themselves of other additional kit introduced this year to celebrate 70 years of the Vantage name, said first applied to a more powerful version of the 1951 DB2 called the DB2 Vantage. The potential extras include Aston Martin's historic vane grille as well as new wheel designs. Deliveries begin in Europe during Q2, U.S. shoppers can expect summer delivery. Pricing starts at $161,000, an $8,000 premium over the coupe. Related Video: