New Aston Martin chairman says focus on SUV launch, restarting factories

Aston Martin's immediate priorities will be restarting manufacturing and launching production of its crucial first SUV, the company's new chairman, Formula 1 team owner Lawrence Stroll, said.

The Canadian businessman has just taken charge of the British automaker after taking a personal stake as the head of a consortium of investors seeking to turn around the fortunes of a UK company.

Like thousands of UK firms, Aston Martin suspended production at its factories in Gaydon, England, and St. Athan, Wales, late March under the country's stringent lockdown against the coronavirus outbreak. It extended the suspension to April 27 last week.

"In this first year we will reset the business," Stroll, the company's new executive chairman, said on Monday.

"Our most pressing objective is to plan to restart our manufacturing operations, particularly to start production of the brand's first SUV, the DBX, and to bring the organization back to full operating life," Stroll said.

He also said Aston Martin would be building its order book and would invest in developing mid-engine cars, while looking at electric car production in the longer term.

Stroll's comments came after Switzerland’s richest man, Ernesto Bertarelli, and Mercedes Formula One boss Toto Wolff took small stakes in Aston Martin.

Aston Martin has struggled with cash flow and unsold dealer inventories since going public in 2018. The company said last month that it may need additional funding even after after a 536 million pound ($670 million) capital infusion.