British carmaker to use components from Lucid to produce luxury high-performance battery electric models
Aston Martin has struck a deal with the US firm Lucid to start making “ultra-luxury high-performance electric vehicles” from 2025.
The British luxury carmaker, whose losses more than doubled last year to almost £500m, has struck a cash and shares deal valued at £182m in which Lucid will take a 3.7% stake in London-listed Aston Martin.
Continue reading...Executive chairman ‘very comfortable’ with investment to help British manufacturer pay down large debts
Aston Martin Lagonda has received a large investment from Saudi Arabia as part of raising £650m of capital to pay down the luxury sportscar maker’s large debts.
The British manufacturer has not been able to generate the cash needed to invest in new models and electric technology, and has also struggled with delays to its Valkyrie hypercar and its newest DBX 707 sports utility vehicle.
Continue reading...Former Ferrari boss Amedeo Felisa will take over as chief executive of British carmaker
Aston Martin has appointed its third chief executive in three years, with Tobias Moers stepping down after only two years in charge.
Moers will leave the board of the British carmaker with immediate effect but will stay until the end of July to “support the leadership team with a smooth transition”, Aston Martin Lagonda announced.
Continue reading...Live coverage as Aston Martin and car dealer Lookers announce costs savings plans
Young’s pub chain intends to open all of its 276 sites by the 3 August, and is hopeful the business can “bounce back” once its pubs are allowed to reopen, but expects trading to be “materially below average” for the rest of the year.
Another interesting detail from the SMMT data: Tesla’s Model 3 was the most popular car during May.
Continue reading...As disruption from Covid-19 spreads, only some low-volume producers will remain open
Every major carmaker in the UK and Europe is suspending or cutting production as the disruption from the coronavirus outbreak spreads – with only lower-volume manufacturers such as Aston Martin keeping factories open.
Jaguar Land Rover (JLR) and Bentley Motors have become the latest British carmakers to suspend production at their UK factories.
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