Aston Martin
Aston Martin Lagonda Limited is a British manufacturer of luxury sports cars and grand tourers. It was founded in one thousand nine hundred thirteen by Lionel Martin and Robert Bamford. Steered from one thousand nine hundred forty seven by David Brown, it became associated with expensive grand touring cars in the 1950s and 1960s, and with the fictional character James Bond following his use of a DB5 model in the one thousand nine hundred sixty four film Goldfinger. Their sports cars are regarded as a British cultural icon. [7] Aston Martin has held a Royal Warrant as purveyor of motorcars to HRH the Prince of Wales since 1982. [8]
- Andy Palmer, CEO [1][Two]
- Mark Wilson, CFO [Three][Two]
- Laura Schwab, Regional President for The Americas [Two]
- Matt Becker, Chief Engineer [Two]
- Ian Minards, Head of Product Development [Two]
- Marek Reichman, Director of Design [Four]
- Aston Martin Racing (50%)
- Lagonda (100%)
Headquarters and the main production site are in Gaydon, Warwickshire, England, on the site of a former RAF V Bomber airbase. One of Aston Martin’s latest cars was named after the 1950s Vulcan Bomber. [9] Aston Martin has diversified to speed boats, and real estate development. [Ten] [11]
Contents
Aston Martin had a troubled history after the third quarter of the 20th century but has also loved long periods of success and stability. “In the very first century we went bankrupt seven times”, incoming CEO Andy Palmer told Automotive News Europe. “The 2nd century is about making sure that is not the case.” [12] On the back of strong request for Aston Martin’s DB11, its very first all-new model in a decade, the company swung back to a profit in the very first quarter of 2017. [13]
Founding
Aston Martin was founded in one thousand nine hundred thirteen by Lionel Martin and Robert Bamford. [14] The two had joined compels as Bamford & Martin the previous year to sell cars made by Singer from premises in Callow Street, London where they also serviced GWK and Calthorpe vehicles. Martin raced specials at Aston Hill near Aston Clinton, and the pair determined to make their own vehicles. [15] The very first car to be named Aston Martin was created by Martin by fitting a four-cylinder Coventry-Simplex engine to the chassis of a one thousand nine hundred eight Isotta-Fraschini. [16] [17]
They acquired premises at Henniker Mews [Legitimate] in Kensington and produced their very first car in March 1915. Production could not begin because of the outbreak of World War I, and Martin joined the Admiralty and Bamford the Royal Army Service Corps. All machinery was sold to the Sopwith Aviation Company.
Inter war years
After the war they found fresh premises at Abingdon Road, Kensington and designed a fresh car. Bamford left in one thousand nine hundred twenty and Aston Martin was revitalised with funding from Count Louis Zborowski. In 1922, Bamford & Martin produced cars to contest in the French Grand Prix, which went on to set world speed and stamina records at Brooklands. Three works Team Cars with 16-valve twin cam engines were built for racing and record violating: chassis number 1914, later developed as the Green Pea; chassis number 1915, the Razor Blade record car; and chassis number 1916, later developed as the Halford Special. [ citation needed ]
Approximately fifty five cars were built for sale in two configurations; long chassis and brief chassis. Aston Martin went bankrupt in one thousand nine hundred twenty four and was bought by Dorothea, Lady Charnwood who put her son John Benson on the board. Aston Martin failed again in one thousand nine hundred twenty five and the factory closed in 1926, with Lionel Martin leaving. [ citation needed ]
Later that year, Bill Renwick, Augustus (Bert) Bertelli and investors including Lady Charnwood took control of the business. They renamed it Aston Martin Motors and moved it to the former Whitehead Aircraft Limited Hanworth works in Feltham. Renwick and Bertelli had been in partnership some years and had developed an overhead-cam four-cylinder engine using Renwick’s patented combustion chamber design, which they had tested in an Enfield-Allday chassis. The only “Renwick and Bertelli” motor car made, it was known as “Buzzbox” and still survives. [ citation needed ]
The pair had planned to sell their engine to motor manufacturers, but having heard that Aston Martin was no longer in production realised they could capitalise on its reputation to hop commence the production of a totally fresh car. [ citation needed ]
Inbetween one thousand nine hundred twenty six and one thousand nine hundred thirty seven Bertelli was both technical director and designer of all fresh Aston Martins, since known as “Bertelli cars”. They included the 1½-litre “T-type”, “International”, “Le Stud’s”, “MKII” and its racing derivative, the “Ulster”, and the 2-litre 15/98 and its racing derivative, the “Speed Model”. Most were open two-seater sports cars bodied by Bert Bertelli’s brother Enrico (Harry), with a puny number of long-chassis four-seater tourers, dropheads and saloons also produced. [ citation needed ]
Bertelli was a competent driver keen to race his cars, one of few holder/manufacturer/drivers. The “LM” team cars were very successful in national and international motor racing including at Le Guy’s and the Mille Miglia. [ citation needed ]
Financial problems reappeared in 1932. Aston Martin was rescued for a year by Lance Prideaux Brune before passing it on to Master Arthur Sutherland. In 1936, Aston Martin determined to concentrate on road cars, producing just seven hundred until World War II halted work. Production shifted to aircraft components during the war. [ citation needed ]
DB — David Brown
In 1947, old-established (1860) privately-owned Huddersfield gear and machine implements manufacturer David Brown Limited bought Aston Martin putting it under control of its Tractor Group. David Brown became Aston Martin’s latest saviour. [Nineteen] He also acquired without its factory Lagonda’s business [20] for its Two.6-litre W. O. Bentley-designed engine. Lagonda moved operations to Newport Pagnell and collective engines, resources and workshops. Aston Martin began to build the classic “DB” series of cars.
In April 1950, they announced planned production of their Le Guy’s prototype to be called the DB2, [21] followed by the DB2/Four in 1953, the DB2/Four MkII in 1955, the DB Mark III in one thousand nine hundred fifty seven and the Italian-styled Trio.7 L DB4 in 1958.
While these models helped Aston Martin establish a good racing pedigree, the DB4 stood out and yielded the famous DB5 in 1963. Aston stayed true to its grand touring style with the DB6 (1965–70), and DBS (1967–1972).
The six-cylinder engines of these cars from one thousand nine hundred fifty four up to one thousand nine hundred sixty five were designed by Tadek Marek. [ citation needed ]
Willson
Aston Martin was often financially troubled. In one thousand nine hundred seventy two David Brown paid off all its debts, said to be £5 million or more, and passed it for £101 to Company Developments, a Birmingham-based investment bank consortium chaired by accountant William Willson. [22] More detail on this period may be read at Willson’s biography. The world-wide recession, lack of working capital and the difficulties of developing without decent resources an engine to meet California’s harass emission requirements — it stopped Aston’s US sales — again pulled Aston Martin into receivership at the end of 1974. There were four hundred sixty workers when the plant closed. [23]
Sprague and Curtis
The receiver sold the business in April one thousand nine hundred seventy five for £1.05 million to North American businessmen Peter Sprague of National Semiconductor and Toronto hotelier, George Minden, [24] and Jeremy Turner, a London businessman, [25] who insisted to reporters Aston Martin remained a British managed business. Sprague later claimed he had fallen in love with the factory, not the cars, the workforce’s craftsmanship dedication and intelligence. At this point, he and Minden had brought in investor, Alan Curtis, a British office property developer together with George Flather, a retired Sheffield steel magnate. [26]
Six months later in September one thousand nine hundred seventy five the factory — shut-down the previous December — re-opened under its fresh possessor Aston Martin Lagonda (1975) Limited with one hundred employees and plans to lift staff to two hundred fifty by the end of 1975. [23] In January one thousand nine hundred seventy six AML exposed it now held orders for one hundred fifty cars for USA, one hundred for other markets and another eighty from a Japanese importing agency. [27] At the Geneva Motor Demonstrate Fred Hartley, managing director and sales director for thirteen years before that, announced he had resigned over “differences in marketing policy”. [28] Alan Curtis made himself managing director.
The fresh owners shoved Aston Martin into modernising its line, producing the V8 Vantage in 1977, the convertible Volante in 1978, and the one-off William Towns-styled Bulldog in 1980. Towns also styled the futuristic fresh Lagonda saloon, based on the V8 model.
Curtis, who had a 42% stake in Aston Martin, [29] also brought about a switch in direction from the usual customers who were Aston Martin fanatics (fans) to successful youthfull married businessmen. Prices had been enlargened by 25%. [26] There was speculation that AML was about to buy Lamborghini. [30] At the end of the 1970s there was widespread debate about running MG into the Aston Martin consortium. Eighty five Tory MPs formed themselves into a pressure group to get British Leyland to release their grip and forearm it over. [31] CH Industrials plc (car components) bought a 10% share in AML. But in July one thousand nine hundred eighty blaming a recession AML cut back their workforce of four hundred fifty by more than 20% making those people redundant [32] and the following day British Leyland announced it had abandoned hope of an MG rescue by Aston Martin.
Gauntlett
in January one thousand nine hundred eighty one there having been no satisfactory revival fucking partners Alan Curtis and Peter Sprague announced they had never intended to maintain a long term financial stake in Aston Martin Lagonda and it was to be sold to Tempo Petroleum’s Victor Gauntlett. Sprague and Curtis pointed out that under their ownership AML finances had improved to where an suggest for MG might have been feasible. [33] Worldwide sales had shrunk to three cars per week, prompting chairman Alan Curtis, Sprague, and Minden to consider shutting down production to concentrate on service and restoration. At this point Curtis attended the one thousand nine hundred eighty Rhythm sponsored Stirling Moss benefit day at Brands Hatch, and met fellow Farnham resident Victor Gauntlett. [ citation needed ]
Gauntlett bought a 12.5% stake in Aston Martin for £500,000 via Rhythm Petroleum in 1980, with Tim Hearley of CH Industrials taking a similar share. Tempo and CHI took over as joint 50/50 owners at the beginning of 1981, with Gauntlett as executive chairman. Gauntlett also led the sales team, and after some development and publicity when it became the world’s fastest 4-seater production car, was able to sell the Aston Martin Lagonda in Oman, Kuwait, and Qatar. [34]
In 1982, Aston Martin was granted a Royal Warrant of Appointment by the Prince of Wales. [8] Aston Martin holds the warrant to this day.
Understanding that it would take some time to develop fresh Aston Martin products, they created an engineering service subsidiary to develop automotive products for other companies. It was determined to use, a trade name of Salmons & Son their in-house coachbuilder, Tickford which Aston Martin had bought in 1955. Tickford’s name had been long associated with expensive high quality carriages and cars and their folding roofs. Fresh products included a Tickford Austin Metro, a Tickford Ford Capri and even Tickford train interiors, particularly on the Jaguar XJS. [34] Tempo continued sponsoring racing events, and now sponsored all Aston Martin Owners Club events, taking a Tickford-engined Nimrod Group C car possessed by AMOC President Viscount Downe, which came third in the Manufacturers Championship in both one thousand nine hundred eighty two and 1983. It also finished seventh in the one thousand nine hundred eighty two 24 Hours of Le Guy’s race. However, sales of production cars were now at an all-time low of thirty cars produced in 1982. [34]
As trading became tighter in the petroleum market, and Aston Martin was requiring more time and money, Gauntlett agreed to sell Hays/Rhythm to the Kuwait Investment Office in September 1983. As Aston Martin required greater investment, he also agreed to sell his share holding to American importer and Greek shipping tycoon Peter Livanos, who invested via his joint venture with Nick and John Papanicolaou, ALL Inc. Gauntlett remained chairman of AML 55% possessed by ALL, with Tickford a 50/50 venture inbetween ALL and CHI. The uneasy relationship was ended when ALL exercised options to buy a larger share in AML; CHI’s residual shares were exchanged for CHI’s accomplish ownership of Tickford, which retained development of existing Aston Martin projects. In one thousand nine hundred eighty four Papanicolaou’s Titan shipping business was in trouble so Livanos’s father George bought out the Papanicolaou’s shares in ALL, while Gauntlett again became a shareholder with a 25% holding in AML. The deal valued Aston Martin/AML at £2 million, the year it built its Ten,000th car. [34]
Albeit as a result Aston Martin had to make sixty members of the workforce redundant, Gauntlett bought a stake in Italian styling house Zagato, and resurrected its collaboration with Aston Martin.
In 1986, Gauntlett negotiated the come back of fictional British secret agent James Bond to Aston Martin. Cubby Broccoli had chosen to recast the character using actor Timothy Dalton, in an attempt to re-root the Bond-brand back to a more Sean Connery-like feel. Gauntlett supplied his individual pre-production Vantage for use in the filming of The Living Daylights, and sold a Volante to Broccoli for use at his home in America. Gauntlett turned down the role of a KGB colonel in the film, however: “I would have loved to have done it but indeed could not afford the time.” [35]
Aston Martin needed funds to get through in the long term. In May 1987, Gauntlett and Prince Michael of Kent were staying at the home of Contessa Maggi, the wifey of the founder of the original Mille Miglia, while watching the revival event. Another house guest was Walter Hayes, vice-president of Ford of Europe. Despite problems over the previous acquisition of AC Cars, Hayes eyed the potential of the brand and the discussion resulted in Ford taking a share holding in September 1987. [36] In 1988, having produced some Five,000 cars in twenty years, a revived economy and successful sales of limited edition Vantage, and fifty two Volante Zagato coupes at £86,000 each; Aston Martin ultimately retired the ancient V8 and introduced the Virage range—the very first fresh Aston launched in twenty years.
Albeit Gauntlett was contractually to stay as chairman for two years, his racing interests took Aston back into sports car racing in one thousand nine hundred eighty nine with limited European success. However, with engine rule switches for the one thousand nine hundred ninety season and the launch of the fresh Aston Martin Volante model, Ford provided the limited supply of Cosworth engines to the Jaguar cars racing team. As the “petite Aston” DB7 would require a large engineering input, Ford agreed to take total control of Aston Martin, and Gauntlett transferred over Aston Martin’s chairmanship to Hayes in 1991. [37] In 1992, the Vantage version was announced, and the following year Aston Martin renewed the DB range by announcing the DB7.
Ford Motor Company
Ford placed Aston in the Premier Automotive Group, invested in fresh manufacturing and ramped up production. In 1994, Ford opened a fresh factory at Banbury Road in Bloxham. In one thousand nine hundred ninety five Aston Martin produced a record seven hundred vehicles. Until the Ford era, cars had been produced by palm coachbuilding craft methods, such as the English wheel. In one thousand nine hundred ninety eight the Two,000th DB7 was built, and in two thousand two the 6,000th, exceeding production of all previous DB models. The DB7 range was boosted by the addition of V12 Vantage models in 1999, and in two thousand one Aston Martin introduced the V12-engined Aston Martin Vanquish.
At the North American International Auto Display in Detroit, Michigan in 2003, Aston Martin introduced the AMV8 Vantage concept car. Expected to have few switches before its introduction in 2005, the Vantage brought back the classic V8 engine to permit Aston Martin to challenge in a larger market. Two thousand three also spotted the opening of the Gaydon factory, the very first purpose-built factory in Aston Martin’s history. Also introduced in two thousand three was the DB9 coupé, which substituted the ten-year-old DB7. A convertible version of the DB9, the DB9 Volante, was introduced at the two thousand four Detroit Auto Demonstrate.
In October 2004, Aston Martin set up the dedicated 12,500 square metres (135,000 sq ft) AMEP engine production plant within the Ford Germany Niehl, Cologne plant. With capacity to produce up to Five,000 engines a year by one hundred specially trained personnel, like traditional Aston Martin engine production from Newport Pagnell, assembly of each unit is entrusted to a single technician from a pool of 30, with V8 and V12 variants assembled in under twenty hours. By bringing engine production back to within Aston Martin, the promise was that Aston Martin would be able to produce petite runs of higher spectacle variants engines. [38] This expanded engine capacity permitted in 2006, the V8 Vantage sports car to inject production at the Gaydon factory, joining the DB9 and DB9 Volante.
In December two thousand three Aston Martin announced it would comeback to motor racing in 2005. A fresh division was created, called Aston Martin Racing, which became responsible, together with Prodrive, for the design, development, and management of the DBR9 program. The DBR9 competes in the GT class in sports car races, including the world-famous twenty four Hours of Le Boy’s.
In 2006, an internal audit led Ford to consider divesting itself of parts of its Premier Automotive Group. After suggestions of selling Jaguar Cars, Land Rover, or Volvo Cars were weighed, Ford announced in August two thousand six it had engaged UBS AG to sell all or part of Aston Martin at auction. [39]
2007—the Richards era
On twelve March 2007, a consortium led by Prodrive chairman David Richards purchased Aston Martin for £475m (US$848m). [40] The group included American investment banker John Singers and two Kuwaiti companies, Investment Dar and Adeem Investment; [41] [42] Prodrive had no financial involvement in the deal. [43] Ford kept a stake in Aston Martin valued at £40m (US$70m).
To demonstrate the V8 Vantage’s durability across hazardous terrain and promote the car in China, the very first east-west crossing of the Asian Highway was undertaken inbetween June and August 2007. A pair of Britons drove 12,089 km (7,512 miles) from Tokyo to Istanbul before joining the European motorway network for another Trio,259 km (Two,025 miles) to London. The promotion was so successful Aston Martin opened dealerships in Shanghai and Beijing within three months. [44]
On nineteen July 2007, the Newport Pagnell plant flipped out the last of almost 13,000 cars made there since 1955, a Vanquish S. The Tickford Street facility was converted to Aston Martin’s service and restoration department. [45] UK production is now concentrated at Gaydon on the former RAF V-bomber airfield. [46] In March two thousand eight Aston Martin announced a partnership with Magna Steyr to outsource manufacture of over Two,000 cars annually to Graz, Austria, reassuringly stating: “The continuing growth and success of Aston Martin is based upon Gaydon as the focal point and heart of the business, with the design and engineering of all Aston Martin products continuing to be carried out there.” [47]
More dealers in Europe and the fresh pair in China brought the total to one hundred twenty in twenty eight countries. [48]
On one September 2008, Aston Martin announced the revival of the Lagonda marque, proposing a concept to be shown in two thousand nine to coincide with the brand’s 100th anniversary. The very first production cars are slated for 2012. [49]
In December 2008, Aston Martin announced it would cut its workforce from 1,850 to 1,250. [50]
The very first four-door Aston Martin Rapide sports cars spinned out of the Magna Steyr factory in Graz, Austria in 2010. [51] The contract manufacturer provides dedicated facilities to ensure compliance with the exacting standards of Aston Martin and other marques, including Mercedes-Benz. Ulrich Bez has publicly speculated about outsourcing all of Aston Martin’s operations with the exception of marketing. [52] In September two thousand eleven it was announced Rapide production would be returned to Gaydon in the 2nd half of 2012, restoring all manufacture there. [53]
2012—Investindustrial stakeholding and fresh chief executive officer
In late 2012, Investment Dar reviewed its stake, with Mahindra & Mahindra emerging as a potential bidder for as much as half of Aston Martin. [54] [55] Instead, Italian private equity fund Investindustrial signed a deal on six December two thousand twelve to buy 37.5% of Aston Martin, investing £150 million as a capital increase. [56] [57] [58] [59] This was confirmed by Aston Martin in a press release on seven December 2012. [60] In April two thousand thirteen it was reported that Dr Ulrich Bez would be leaving his role as chief executive officer to take up a more ambassadorial position [61] widely seen as the very first stir by the fresh shareholders in reviewing the leadership and strategy of Aston Martin. On two September 2014, Aston Martin announced it had appointed the Nissan executive Andy Palmer as CEO [62] with Ulrich Bez retaining a position as non-executive chairman. As sales had been declining, from two thousand fifteen Aston Martin sought fresh customers (particularly wealthy female buyers) with cars like Lagonda and DBX while releasing concept cars like the Vulcan. [63] [64] According to Palmer, the troubles began when sales of the DB9 failed to generate sufficient fund to develop next-generation models which led to a downward spiral of declining sales and profitability. [12]
In 2014, Aston Martin suffered a pre-tax loss of £72 million, almost triple that of two thousand thirteen selling Three,500 cars during the year, well below 7,300 sold in two thousand seven and Four,200 sold in 2013. [65] In March two thousand fourteen Aston Martin issued “payment in kind” notes of US$165 million, at Ten.25% interest, in addition to the £304 million of senior secured notes at 9.25% issued in 2011. [65] Aston Martin also had to secure an extra investment of £200 million from its shareholders to fund development of fresh models. [65] It is reported that Aston Martin’s pre-tax losses for two thousand sixteen enlargened by 27% to £162.8 million, the sixth year it continued to suffer a loss. [66]
Relationship with Mercedes-AMG
In two thousand thirteen Aston Martin signed a deal with Daimler AG to supply the next generation Aston Martin cars with fresh Mercedes-AMG engines. Daimler AG now wields 5% of Aston Martin. [67] Mercedes-AMG will also supply Aston Martin with electrical systems. This technical partnership will support Aston Martin’s launch of a fresh generation of models that will incorporate fresh technology and V8s. The very first model to sport Mercedes technology is the DB11, announced at the two thousand sixteen Geneva Motor, sporting Mercedes electronics for the entertainment, navigation and other systems.
Notable events
In August 2017, a one thousand nine hundred fifty six Aston Martin DBR1/1 sold at a Sotheby’s auction at the Pebble Beach, California Concours d’Elegance for $22,550,000, which made it the most-expensive British car ever sold at auction, according to Sotheby’s. The car was driven before by racing legends like Carroll Shelby and Stirling Moss. [68] [Sixty nine]