Skip to main content
Sister Publication Links
  • Automotive News
  • Automobilwoche
  • Automotive News Canada
  • Automotive News China
Subscribe
  • Subscribe
  • Newsletters
  • Login
  • HOME
    • Latest news
    • Automakers
    • Suppliers
    • New Product
    • Environment/Emissions
    • Sales By Market
    • On The Move
    • Auto Shows
    • Munich Auto Show
    • Geneva Auto Show
    • Paris Auto Show
    • Beijing Auto Show
    • Shanghai Auto Show
  • Features
    • Long Read
    • Interview of the Month
    • Focus on Electrification
    • Focus on Technology
    • Segment Analysis
    • Cars & Concepts
    • Supplier Spotlight
    • Europe By The Numbers
  • Opinion
    • Blogs
    • Commentary
    • Guest columnists
  • Photos
    • Photo Galleries
    • Geneva Photo Gallery
    • Beijing Photo Gallery
    • Frankfurt Photo Gallery
    • Paris Photo Gallery
    • Shanghai Photo Gallery
  • Podcasts
  • Car Cutaways
  • EVENTS
    • ANE Congress
    • ANE Rising Stars
    • ANE Eurostars
  • More
    • Publishing Partners
    • Social Media
    • Contact Us
    • Media Kit
    • About Us
    • Capgemini: All or nothing: Why circular business models require a holistic approach
    • Capgemini: Invent Head on automotive takeaways from CES 2023
    • Capgemini: Securing the industry's future through a radical rethink
    • Capgemini: Succeeding with the automated driving journey through AI
    • Capgemini: The circular economy is spurring new thinking on EV batteries
    • Capgemini: Toyota and Capgemini leaders on how OEMs can handle industry changes and succeed
    • HEXAGON: Plugging into data is the only way to make winning EVs
    • TUV Rheinland: Ideas, services and certifications for smart mobility
    • TUV Rheinland: Testing of automated and autonomous vehicles on test tracks
    • Toyota Europe
    • UFI Filters
    • Facebook
    • Instagram
    • LinkedIn
    • Twitter
MENU
Breadcrumb
  1. Home
  2. Automakers
December 06, 2019 09:12 AM

Aston Martin not looking for new shareholders, CEO says

Costas Pitas
Reuters
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    Palmer: "We are certainly not actively soliciting any other participation. That's not to say it doesn't come."

    ST ATHAN, Wales -- Aston Martin, which was reported this week to be the target of Canadian billionaire Lawrence Stroll, said it was not actively pursuing new investors as it opened a new factory here on Friday to build its first SUV, the DBX.

    Autocar magazine reported on Thursday that Stroll, the owner of Formula One team Racing Point, is preparing to buy a major stake in Aston.

    "You know what we would have to do if there was an official approach. Beyond that, I can't comment," Aston Martin CEO Andy Palmer told Reuters at the factory opening, referring to rules governing publicly-listed companies.

    "We are certainly not actively soliciting any other participation. That's not to say it doesn't come," he said when asked whether Aston needed a new investor.

    The British automaker's new factory in south Wales holds the key to ending a poor performance from Aston, which posted a pre-tax loss of 92.3 million pounds ($118 million) for the first nine months due to weaker-than-expected demand for its sports cars, particularly in Europe.

    As the autos sector consolidates through deals such as the planned merger of PSA Group and Fiat Chrysler Automobiles, Aston has said it does not need to belong to a bigger automotive group, pointing to the success of stand-alone rival Ferrari.

    The Kuwait-based Adeem/Primewagon shareholding group owns a 36 percent stake in Aston Martin, while Italy-based InvestIndustrial has 31 percent. Daimler has a 4 percent shareholding. The rest is publicly held.

    Palmer said Aston Martin's two major shareholders are in it for the long term.

    He said the small stake held by Daimler allows Aston to have access to technology and benefit from the speed at which it can operate independently.

    Aston hopes its new factory, in St Athan, near Cardiff, will help turn around its fortunes. The plant is its second alongside its historic one in Gaydon, central England.

    Aston Martin has turned a former Royal Air Force base at St Athan into its second factory. It will begin full production of the DBX there next year.

    Aston unveiled the DBX last month, hoping that it will attract more female buyers to boost sales. The DBX will go into full production at St Athan in the second quarter of next year.

    "The opening is a hugely important milestone in the company's growth plan and integral to our ambitions as a global luxury brand with a presence in all major sectors of the market," Palmer said at the plant.

    RECOMMENDED FOR YOU
    Renault's new small EV platform cuts weight, diversity and costs
    Recommended for You
    Renault CMF-B EV platform 2023
    Renault's new small EV platform cuts weight, diversity and costs
    CUPRA Formentor VZ5
    Europe's automakers reaped record profits in 2022
    Renault Nissan
    Nissan, Renault confident of finalizing alliance deal soon
    Sign up for free newsletters
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    You can unsubscribe at any time through links in these emails. For more information, see our Privacy Policy.

    Get Free Newsletters

    Sign up and get the best of Automotive News Europe delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    You can unsubscribe at any time through links in these emails. For more information, see our Privacy Policy.

    SUBSCRIBE TODAY

    Get 24/7 access to in-depth, authoritative coverage of the auto industry from a global team of reporters and editors covering the news that’s vital to your business.

    SUBSCRIBE NOW
    Connect with Us
    • Twitter
    • Facebook
    • LinkedIn
    • Instagram

    Founded in 1996, Automotive News Europe is the preferred information source for decision-makers and opinion leaders operating in Europe.

    Contact Us

    1155 Gratiot Avenue
    Detroit MI  48207-2997
    Tel: +1 877-812-1584

    Email Us

    ISSN 2643-6590 (print)
    ISSN 2643-6604 (online)

     

    Resources
    • About us
    • Contact Us
    • Advertise with us
    • Advertise with Us
    • Ad Choices Ad Choices
    • Sitemap
    Awards
    • Rising Stars
    • Eurostars
    • Leading Women
    Legal
    • Terms and Conditions
    • Privacy Policy
    • Privacy Request
    Automotive News Europe
    Copyright © 1996-2023. Crain Communications, Inc. All Rights Reserved.
    • HOME
      • Latest news
      • Automakers
      • Suppliers
      • New Product
      • Environment/Emissions
      • Sales By Market
      • On The Move
      • Auto Shows
        • Munich Auto Show
        • Geneva Auto Show
        • Paris Auto Show
        • Beijing Auto Show
        • Shanghai Auto Show
    • Features
      • Long Read
      • Interview of the Month
      • Focus on Electrification
      • Focus on Technology
      • Segment Analysis
      • Cars & Concepts
      • Supplier Spotlight
      • Europe By The Numbers
    • Opinion
      • Blogs
      • Commentary
      • Guest columnists
    • Photos
      • Photo Galleries
      • Geneva Photo Gallery
      • Beijing Photo Gallery
      • Frankfurt Photo Gallery
      • Paris Photo Gallery
      • Shanghai Photo Gallery
    • Podcasts
    • Car Cutaways
    • EVENTS
      • ANE Congress
      • ANE Rising Stars
      • ANE Eurostars
    • More
      • Publishing Partners
        • Capgemini: All or nothing: Why circular business models require a holistic approach
        • Capgemini: Invent Head on automotive takeaways from CES 2023
        • Capgemini: Securing the industry's future through a radical rethink
        • Capgemini: Succeeding with the automated driving journey through AI
        • Capgemini: The circular economy is spurring new thinking on EV batteries
        • Capgemini: Toyota and Capgemini leaders on how OEMs can handle industry changes and succeed
        • HEXAGON: Plugging into data is the only way to make winning EVs
        • TUV Rheinland: Ideas, services and certifications for smart mobility
        • TUV Rheinland: Testing of automated and autonomous vehicles on test tracks
        • Toyota Europe
        • UFI Filters
      • Social Media
        • Facebook
        • Instagram
        • LinkedIn
        • Twitter
      • Contact Us
      • Media Kit
      • About Us