Aston Martin’s new boss has said his priority is to restart the luxury car firm’s manufacturing operations after taking control in the midst of the coronavirus crisis.
Canadian billionaire Lawrence Stroll has formally taken over as executive chairman after purchasing a 25 per cent stake in the business.
In January, the owner of the Racing Point Formula 1 team announced a £500 million funding deal to support the troubled car firm.
He replaces Penny Hughes who has stepped down as director and chairwoman.
She said at the time of the new funding deal in January that Aston Martin’s “difficult trading performance in 2019” had put severe pressure on its liquidity and left the company with no alternative but to secure significant new investment.
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In a separate development, Toto Wolff, Mercedes’ Formula 1 team principal, has bought a stake in the Warwickshire-headquartered manufacturer as part of its major rights issue.
Mr Stroll said the firm’s “pressing objective” was to restart production of its first SUV model, the DBX.
He said the company would also look to drive its marketing efforts as the outbreak unwinds in order to help rebuild the order book.
Aston Martin’s production facilities in Gaydon, Warwickshire, and St Athan, South Wales, have been closed since last month, with the manufacturer taking advantage of the Government’s furlough scheme.
Mr Stroll said: “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.”