New Aston Martin boss focused on restarting production
Aston Martin’s new chairman Lawrence Stroll has said that his priority is to restart the firm’s manufacturing operations as he takes over the company in the midst of the coronavirus crisis.
The Canadian billionaire, who agreed in January to take a 20 per cent stake in the luxury car maker, said he was taking charge during “the most challenging environment, globally, that any of us has ever experienced”.
He highlighted beginning the production of the firm’s first SUV, the DBX, as a particular priority as he “brings the company back to full operating life”:
“We will do this in a way that ensures we will protect our people, wherever they work – their safety is our overwhelming concern”.
Aston Martin’s production facilities at Gaydon and St Athan have been closed since last month, and the auto firm has also taken advantage of the government’s furlough scheme.
Stroll, who is part-owner of the Racing Point Formula 1 team reiterated plans for Aston Martin to enter an F1 team in the championship next year as part of its planned turn-around:
“In 2021, Aston Martin will take its place on the Formula 1 Grid as a highly competitive Works team for the first time in over 60 years.
Sign up to City PM’s Midday Update newsletter, delivered to your inbox every lunchtime
“This will give us a significant global marketing platform to strengthen our Brand and engage with our customers and partners across the world”, he said.
Aston Martin has struggled since its London float in 2018, hit by falling demand in China and sluggish market for luxury cars.
In February it was announced that the firm’s finance chief Mark Wilson would step down after Aston Martin recorded a £100m loss in 2019.
Stroll’s stake in the firm was part of a £536m equity raise which will help stabilise the business in the long term.
The businessman concluded: “There is a hugely exciting opportunity for Aston Martin, and an enormous amount of hard work to be done to achieve our ambitions.
“When we do, we will have built Aston Martin into the highly valued company that it should be, and in which our customers, staff, partners and shareholders will share with pride”.
Shares in the luxury car maker rose 13.3 per cent this morning.