Canadian billionaire Lawrence Stroll is the new Executive Chairman of Aston Martin.
It's been a worrying time for Aston Martin, as the automaker has faced some serious financial setbacks. Fortunately, the struggling automaker received a financial lifeline after Canadian billionaire investor Lawrence Stroll and his group of investors bought a massive stake in the company as part of a $657-million investment. Now, Stroll has started his new role as executive chairman of Aston Martin Lagonda. Other investors have also joined the consortium, including Swiss billionaire Ernesto Bertarelli and Mercedes-AMG F1 team principal Toto Wolff.
Originally, Stroll's investment acquired a 16.7 percent stake in Aston Martin for £182 million ($226 million) and also included a £318 million ($396 million) cash infusion through a new rights issue. Since then, Stroll and his investors increased the total stake to 25 percent.
"I am truly excited to be taking on the role of Executive Chairman of this great British company, Aston Martin Lagonda," said Stroll. "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."
Right now, the immediate priority is to begin production of the Aston Martin DBX to help increase the company's profits. "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 organization back to full operating life," said Stroll. "We will do this in a way that ensures we will protect our people, wherever they work - their safety is our overwhelming concern."
Stroll added that Aston Martin will be "undertaking the necessary rebalancing of supply to demand for our core models," replicating Ferrari's business model of selling fewer cars at higher profits. The Executive Chairman also reiterated Aston Martin's plans to join the Formula 1 grid in 2021 for the first time in over 60 years, which will provide a "global marketing platform to strengthen our brand and engage with our customers and partners across the world."
Looking ahead, Aston Martin will expand its lineup with a new range of mid-engine cars including the Valhalla and Vanquish. These new models will "position Aston Martin firmly in this sector and complete our range of highly engineered and beautiful sports cars." As for the luxury Lagonda brand, Stroll added that Aston Martin will "commit to producing electric cars to combine performance and luxury with environmental sustainability," but the launch of the Lagonda brand has been delayed until 2025 at the earliest.