Aston Martin Lagonda Global to focus on engineering and marketing programmes

Aston Martin

Aston Martin Lagonda Global Holdings plc (LON:AML) has today released a statement from Executive Chairman, Lawrence Stroll.

“I am truly excited to be taking on the role of Executive Chairman of this great British company, Aston Martin Lagonda.  In the midst of the most challenging environment, globally, that any of us have ever experienced, all of my and the management team’s energies will now be dedicated to building on the inherent strengths of the Company, its Brand, engineering, and the skills of its people to forge the foundations of a bright future.  Our ambition for the Company is significant, clear and only matched by our determination to succeed.  The rights issue and the investment that I, and my co-investors in the consortium, have made has underpinned the financial security of, and our confidence in, the business. We can now focus on the engineering and marketing programmes that will enable Aston Martin to become one of the preeminent luxury car brands in the world.

In this first year we will reset the business.  Our most pressing objective is to plan to restart our manufacturing operations, particularly to start production of the brand’s first SUV, DBX, and to bring the organisation 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.  Alongside the return to production, we will be undertaking the necessary rebalancing of supply to demand for our core models.  In the months ahead, as the world starts to emerge from the Covid-19 pandemic, we will start to reinvigorate our marketing initiatives to continue to build our order book.  In 2021, Aston Martin will take its place on the Formula 1TM Grid as a highly competitive Works team for the first time in over 60 years. This will give us a significant global marketing platform to strengthen our Brand and engage with our customers and partners across the world.

We will continue to focus significant effort and investment into the continued development of our range of mid-engined cars.  These are a crucial next stage in the expansion of our product line-up.  Descended from the awesome Aston Martin Valkyrie hypercar, the Valhalla and Vanquish are set to position Aston Martin firmly in this sector and complete our range of highly engineered and beautiful sports cars. In the longer term we intend to commit to producing electric cars to combine performance and luxury with environmental sustainability.

There is a hugely exciting opportunity for Aston Martin Lagonda Global, and an enormous amount of hard work to be done to achieve our ambitions.  I have spent the past few weeks getting to know the business and new colleagues.  I have been impressed with their passion, dedication and craftsmanship in making our beautiful cars.  I am also impressed by and hugely appreciative of the significant efforts being made by everyone at Aston Martin Lagonda  to support the business as we manage through this uncertain time,   including our proud contribution to supporting the NHS through the development and manufacture of much needed personal protective equipment (PPE).  I am confident that collectively we have the skills, the brand, the product and the financial strength to achieve those ambitions over time.  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.

Finally, I would like to express my sincere thanks to Penny Hughes and her colleagues on the Board for all that they have done in recent months to secure the rights issue and our investment, thereby safeguarding the future of the Company.  They have all been professional, thorough and considered throughout our engagement with the Board and played a significant part in giving my co-investors and me, the confidence to support this fundraising.  The process to identify and appoint new Independent NEDs is under way. As Executive Chairman I look forward to working for the benefit of all shareholders and stakeholders.”

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