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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.

Geely in talks to take a stake in Aston Martin

China’s Geely Automobile Holding held talks with Aston Martin management and investors as it considers investing into the British luxury carmaker, the Financial Times reported on Friday. Geely is conducting due diligence as it looks at taking a stake in the 107-year-old UK firm, which warned earlier this week its 2019 profits would by cut nearly in half due to weak European markets. Another report out today said that Aston had canceled its RapidE electric car because of its financial situation. Geely owns controlling stake in another British car company, Lotus, and also the London EV Company, which makes London cabs. It also owns Volvo and a nearly 10% stake in Daimler. Aston Martin was not immediately available for comment. Geely did not immediately respond to a request for comment.  Related Video:     Earnings/Financials Green Aston Martin Geely

Aston Martin's Racing.Green. strategy lays out sustainability goals

Last year, Aston Martin co-owner Lawrence Stroll said the automaker had two electric vehicles in the pipeline, company CEO Tobias Moers saying the first electric model would show in 2024 or 2025. The English luxury sports car concern has outlined its plans in a new strategy called Racing.Green. — which we will write without the two periods from now on. The major goals of Racing Green are getting a hybrid vehicle to market in 2024, getting the first electric vehicle to market in 2025, phasing the last pure ICE cars out of the lineup in 2026, and offering a fully electrified portfolio by 2030.  Supporting the product goals, Aston Martin says its UK manufacturing facilities have utilized 100% renewable energy since 2019; Racing Green aims for net zero manufacturing emissions by 2030. The St. Athan facility in Wales will be fitted with 14,000 solar panels, enough to provide 20% of the plant's yearly energy use. When taking Aston Martin's entire supply chain into account, the initiative wants a 30% reduction in supply chain emissions relative to a 2020 baseline by 2030, and net zero supply chain emissions by 2039. On that subject, engineers are looking at using aluminum alloy created with 100% renewable energy. Even plastics and water are targeted, the company hoping to "eliminate all plastic packaging waste" within three years and reduce water use by 15%.    As to the product, that first PHEV is going to be the Valhalla and its English-tailored, AMG-sourced, 937-horsepower plug-in powertrain. We still don't know what the first electric model will be the following year, but the DBX makes an obvious candidate. And just a year after that, every model the firm sells will provide the option of an electrified powertrain, the pure ICE models phased out of the range. There will be more choice for interiors, too, in the form of leather-free vegan options. Those goals will occur within a company-wide sustainability, diversity, and inclusion overhaul with peer-reviewed chops. Aston Martin joined the Science Based Targets Initiative (SBTi), which helps businesses reduce greenhouse gas emissions "in line with what the latest climate science deems necessary to meet the goals of the Paris Agreement." The automaker says Racing Green is also "aligned with the UN Sustainable Development Goals." In-house compliance with the strategy will be monitored by a board-level Sustainability Committee chaired by non-executive director Dr. Anne Stevens.