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Aston Martin SUV production to start in late 2019

Aston Martin has confirmed it's upcoming SUV will begin production at a new factory beginning in late-2019. The high end sport-utility will be similar in size and design to the DBX Concept, which Aston Martin first exhibited in Monterey back in 2015. Since it first debuted three years, the market for exotic and hugely expensive sport-utilities has gotten red-hot and highly competitive. New models in this rarefied segment of the sport-utility world now include the Lamborghini Urus, Rolls-Royce Cullinan, and Bentley Bentayga. The plant where Aston will build its SUV is based in St. Athan, Wales, on the site of a former Royal Air Force base. A total of three former aircraft hangars are being combined, to create this new facility. This factory is only part of a larger expansion plan that will add roughly 1,000 new employees to Aston Martin's ranks, stationed throughout its existing facilities in Gaydon and Newport Pagnell, along with the new St. Athan-based site. "We are delighted at the progress being made at the St Athan site. The team have done a fantastic job in advancing the facility and I was incredibly proud to chair our first Board meeting at the new plant," said Andy Palmer, Aston Martin's president and CEO. Showing how important adding a truck is to its future business model, Aston confirmed a total of 150 employees will be assigned solely to "pre-production preparations" related to the company's upcoming SUV. Related Video:

Aston Martin mulls Formula E, but one thing must change

It may be the off-season, but Formula E is on fire. It seems that everybody is scrambling for a spot on the grid. Jaguar relaunched its racing program in the electric series, and is doubling down with a support series. Audi took a more prominent position for next season. BMW's in. Mercedes-Benz will be joining, too. Porsche has ditched WEC for Formula E. FCA is interested. So it shouldn't be too surprising, then, that Aston Martin is now considering a Formula E entry, as Automotive News Europe reports. Aston Martin CEO Andy Palmer told the outlet that the series could support the company's development of electric vehicles, such as the upcoming RapidE, pictured above. "We don't have an electric car yet, but we will have in 2019," he said. "You can imagine the two coming together. I love Formula E." Palmer said, though, that Aston Martin wouldn't want to join the series until it does away with car swaps mid-race. "For me, the use of the two cars reinforces the range anxiety," Palmer told Automotive News Europe. "That will change, and then it starts to get interesting." In the past, other automakers have expressed similar concerns about car swaps. The upcoming season will be the last to use the practice, and Formula E will move toward using a single car per driver for each race beginning in the 2018-19 season. Aston Martin scaled back plans for the RapidE electric car after its partner LeEco pulled out of the project. Instead, Aston Martin will rely on the engineering expertise of Williams, and limit the RapidE to 155 units, priced at around $255,000. Related Video: Featured Gallery Aston Martin RapidE concept View 12 Photos News Source: Automotive News EuropeImage Credit: Aston Martin Green Motorsports Aston Martin Electric Racing Vehicles Formula E aston martin rapide fia formula e championship

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.