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Aston Martin shares plunge to new low following half-year loss

LONDON — Shares in Aston Martin plunged 17% to a post-flotation low on Wednesday after the luxury British carmaker slumped to a half-year loss, the latest automotive firm to be hit by falling demand in Europe. Aston Martin, best known as James Bond's favorite marque, has been undergoing a turnaround plan since Chief Executive Andy Palmer took over in 2014, designed to renew and boost its model line-up and move into new segments. The plan led to an autumn 2018 stock market flotation. But its shares have since fallen by around three quarters from their 19 pounds float price to below 5 pounds, hit most recently by the group's weak performance in Europe, the Middle East and Africa, where half-year demand fell by nearly a fifth. The group posted a pretax loss of 78.8 million pounds in the six months through June from a 20.8 million pound profit in the first half of 2018. Its shares were down 17% at 4.71 pounds by 0748 GMT. "We are disappointed that our projections for wholesales have fallen short or our original targets, impacted by weakness in two of our key markets as well as continued macro-economic uncertainty," Palmer said. Overall wholesale demand grew by 6% in the first six months as the group posted strong increases in the Americas and Asia, but a decline in Britain and the rest of the continent prompted the carmaker to cut its full-year forecast. Aston has also been hit by expansion costs as it builds a new factory in Wales to make its first sport utility vehicle, and a lower average selling price. The company said that if it requires some additional financing it would pursue the funds from sources such as the debt markets. The global car industry has been hit by weakening demand in China and a drop in demand for diesel vehicles in Europe, as well as the cost of electrification. Nissan reported plunging profits last week and said it would undertake its biggest restructuring plan in a decade, axing nearly a tenth of its workforce. But 106-year old Aston also faces the risk of a disorderly Brexit disrupting its wholly British production, as delays at ports due to new bureaucracy could slow down the movement of vehicles and components. "We do not want a no-deal Brexit because of the disruption that causes to issues at the border," said Palmer.

Weekly Recap: New bosses try to jump-start Cadillac and Lincoln

Both of America's domestic luxury brands seem to be stuck in neutral.
It's ironic that Cadillac and Lincoln got new bosses within days of each other this month. It's also a commentary on the fact both of America's domestic luxury brands seem to be stuck in neutral.

2020 Aston Martin DBX Prototype Drive | Sliding into your mentions

OMAN, Persian Gulf — The last time I got an Aston Martin this filthy was 5 years ago in dusty Anza-Borrego, California, where I ripped several illicit burnouts in a low-slung V12 Vantage S. This time around is dramatically different: Chief Engineer Matt Becker, seated alongside me, is actually egging me on to powerslide an Aston Martin DBX across an off-road trail in Oman — the first time IÂ’ve ever been encouraged by Aston brass to hoon one of their vehicles, let alone a priceless prototype, in the dirt. You wouldnÂ’t expect Becker, who spent 26 years at Lotus, to be an SUV guy. But the hardcore chassis and handling guru says the DBX project gave him a new respect for the genre because sport utes need to do far more than just go around a track quickly: TheyÂ’re required to tow, support weight on their roofs, and manage all manner of terrain, all while creating a comfortable living space for their passengers. “Once you push them and understand what they can do off-road, on-road, on-track,” he tells me while IÂ’m tackling a rock-strewn trail at highway speeds, “you really start to respect what theyÂ’re capable of.” Building the DBX will also show us what Aston Martin is capable of — capable of surviving, that is. The new decade is shaping up to be the most challenging yet for the storied carmaker, so bringing a viable sport utility vehicle to market is essential. And though weathering severe business headwinds seems to be an ongoing pastime for Aston Martin, the brandÂ’s first-ever crossover gets a rather ambitious hardware package. The DBXÂ’s bonded aluminum chassis is entirely unique to the model, as is the brandÂ’s first-ever air suspension system. While thereÂ’s no V12 available in the DBX — that honor remains reserved for Rolls-Royce's almighty $325,000 Cullinan — the AMG-sourced, 4.0-liter twin turbo V8, while similar to the mill found in the DB11 and Vantage, has also been coaxed to produce more power: 542 horsepower and 516 pound-feet of torque, capable of launching it to 60 miles per hour in 4.3 seconds and a top speed of 181 mph. But building AstonÂ’s first-ever SUV from the ground up enabled unique packaging opportunities in addition to the specific hardware. For instance, market research revealed female drivers were often frustrated because most cars donÂ’t have a place to stash their purse.