Tag: Aston Martin

BMW could shift some UK engine, Mini output if no orderly Brexit

GENEVA (Reuters) – BMW could move some production of engines and its Mini model out of Britain if the country does not secure an orderly departure from the European Union, the German carmaker said on Tuesday, in the latest Brexit warning from the auto industry. Workers assemble cars at the plant for the Mini range… Continue reading BMW could shift some UK engine, Mini output if no orderly Brexit

UPDATE 2-BMW could shift some UK engine, Mini output if no orderly Brexit

GENEVA (Reuters) – BMW could move some production of engines and its Mini model out of Britain if the country does not secure an orderly departure from the European Union, the German carmaker said on Tuesday, in the latest Brexit warning from the auto industry. Workers assemble cars at the plant for the Mini range… Continue reading UPDATE 2-BMW could shift some UK engine, Mini output if no orderly Brexit

Aston Martin’s new hypercar makes you use your smartphone as the display

Supercars and hypercars are all about speed, and one of the tried and true ways to generate speed is to cut out as much weight as possible. This is a huge focus of Aston Martin’s new AM-RB 003 hypercar — so much so that the company isn’t even including a dashboard touchscreen. Instead, if you… Continue reading Aston Martin’s new hypercar makes you use your smartphone as the display

A ‘no-deal’ Brexit is already happening for us, Aston Martin CEO says

Aston Martin CEO: No-deal Brexit is here
11 Hours Ago | 02:31

The boss of luxury car maker Aston Martin Lagonda has told CNBC that his company is already operating in a “no deal” Brexit scenario.

“From our point of view, a no-deal Brexit isn't something that is in the planning or might happen. No-deal Brexit has already happened for us,” chief executive Andy Palmer told “Squawk Box Europe” on Thursday.

Palmer said the firm has a 12-week build time for its cars and therefore vehicles being manufactured now would be sold after the Brexit cut-off date at the end of March.

At present, Britain and Northern Ireland will leave the European Union on March 29th with no deal as U.K. lawmakers have failed to agree on the terms that can be signed off between London and Brussels.

Aston Martin has used a surplus of cash from a weakening pound to market more heavily in the United States in a bid to mitigate the effects of Brexit.

Describing that move as “very successful,” Palmer said the U.K. car firm had also increased the level of stock in the supply chain from 3 days to 5 days and raised the level of cars ready for sale.

“I think we are in good shape, but I don't know what shape we have to be in because nobody knows what 'no-deal' Brexit looks like,” he added.

If Britain leaves the EU without a deal, it is assumed it will rely on World Trade Organization rules that mean U.K. car manufacturers must produce at least 55 percent of a car with parts sourced in Britain — a specification known as “local content.”

Palmer said Aston Martin had worked hard to reach the 55 percent level but warned that rival car companies could struggle.

Shares in Aston Martin Lagonda Global Holdings fell more than 15 percent Thursday as it swung to a loss in its first annual report card since joining the London Stock Exchange.

The stock was 1,168 pence by mid-morning Thursday after posting a pre-tax loss of £73.1 million ($97.2 million) in 2018. The share price is down 38 percent from its October initial public offering price of 1,900 pence.

Aston Martin sets aside £30m for Brexit as revenues rise by 25%

Aston Martin Carmaker’s plans for no deal or disorderly exit from EU include £2m for revised supply routes Aston Martin sold 6,441 cars last year, up 26%, which was better than expected, and it says its special editions were in high demand. Photograph: David Sillitoe/The Guardian Aston Martin Lagonda has set aside £30m in preparation… Continue reading Aston Martin sets aside £30m for Brexit as revenues rise by 25%

UPDATE 1-Aston Martin boss says Brexit delay would prolong uncertainty

LONDON (Reuters) – A delay to Brexit would be a “further annoyance” which would prolong uncertainty, the boss of luxury carmaker Aston Martin told Reuters after Prime Minister Theresa May promised to give lawmakers a vote on extending the date Britain leaves the EU. Andy Palmer, CEO of Aston Martin poses for a photograph at… Continue reading UPDATE 1-Aston Martin boss says Brexit delay would prolong uncertainty

Aston Martin boss says Brexit delay would prolong uncertainty

LONDON (Reuters) – A delay to Brexit would be a “further annoyance” which would prolong uncertainty, the boss of luxury carmaker Aston Martin told Reuters after Prime Minister Theresa May promised to give lawmakers a vote on extending the date Britain leaves the EU. FILE PHOTO: Andy Palmer, CEO of Aston Martin poses for a… Continue reading Aston Martin boss says Brexit delay would prolong uncertainty

Carmaker Aston Martin’s adjusted pre-tax profit falls

Andy Palmer, CEO of Aston Martin poses for a photograph at their world headquarters in Gaydon, Britain, February 14, 2019. REUTERS/Andrew Yates LONDON (Reuters) – Luxury British carmaker Aston Martin posted an adjusted pre-tax profit of 68 million pounds ($90 million) in 2018, a 7 percent fall on 2017 as it continues to invest in… Continue reading Carmaker Aston Martin’s adjusted pre-tax profit falls