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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.

1965 Aston Martin DB5 Shooting Brake: Rare, stylish, practical, and up for auction

Have you ever looked at a 1965 Aston Martin DB5 and thought, "I would totally buy one, but it's just not practical enough." If so, we're a little surprised, but at least you're not alone. According to RM Sotheby's, David Brown, the man who ran Aston Martin for several decades and started the line of DB models that continues today, felt similarly. Apparently he couldn't fit his polo gear into a regular Aston coupe, and he wanted somewhere for his dog to sit that would keep it from tearing up the seats. As such, the Aston Martin DB5 shooting brake was created for him and a few wealthy customers by coachbuilder Harold Radford. The grand total was 12. One of those 12 cars is going up for auction by RM Sotheby's. It's one of four built with left-hand drive and was sold to a Swiss buyer who optioned it with a power antenna, seat belts, passenger-side head rest, air horns and initials on the doors. The car has had two other owners and has gone through a couple restorations. The second owner picked it up in 2003 and had it restored by Aston Engineering, which bumped the displacement from 4.0 liters to 4.2 and replaced the factory automatic with a 5-speed manual. The second owner acquired it in 2009 and upped the displacement even further to 4.7 liters along with upgraded shocks and springs. The car will be auctioned at RM Sotheby's Monterey event during the week of the Pebble Beach Concours d'Elegance. The company expects it to sell for between $1,000,000 and $1,400,000. Considering the rarity of the car, that doesn't seem terrible, but according to the Hagerty price guide, it's rather high. It values the DB5 Shooting Brake at $790,000 for a concours-quality car. For reference, Hagerty values a concours-quality DB5 coupe at $1,450,000.

Aston Martin confirms 3.0-liter turbocharged V6 for Valhalla

When the Aston Martin Valhalla hits the scene in 2022 (hopefully), it will be powered by an all-new 3.0-liter turbocharged V6 engine that will be fortified and electrified in a hybrid configuration that we don't yet know much about. Interestingly, Aston Martin says the V6's hybrid element will be tuned and sized for each specific vehicle in which it's installed. In the Valhalla, the dry-sump engine will be mounted directly behind the passenger compartment, and its so-called 'hot V' design will allow for relatively compact dimensions. And compact also means lightweight — the automaker says the complete engine weighs less than 440 pounds. Just the fact that the British automaker is investing the engineering effort to produce a new engine is significant. The company hasn't engineered its own in-house powertrain since 1969, when Tadek Marek's 5.3-liter V8 engine found its way under the hood of Aston Martin's aptly named DBS V8. The new 3.0-liter V6 is codenamed TM01 in Marek's honor. With that in mind, we expect this powerplant to serve in various Aston Martin models for a number of years. We look forward to further details in the future, especially the all-important horsepower and torque figures. In the meantime, feel free to peruse the high-resolution image gallery above, where you'll see intricately milled castings along with the engine undergoing dyno testing and running red hot with the lights down low.   Related Video: