Aston Martin chief executive Andy Palmer talks exclusively to Autocar following the announcement that billionaire Lawrence Stroll is investing in the firm this morning.
When did you conclude negotiations?
“I’m getting too old for all-nighters, but let’s just say it was a late night! It has been time-consuming, but as I sit here now the company is better funded than it has ever been in the past, with a good product cadence in plan as per the second century plan and with a commitment to build our own V6 hybrid in the UK. That is compelling.”
We understand you had rival bidders to consider, so why choose Lawrence Stroll?
“Lawrence and his consortium are a group of pretty big names and it is a great sign of confidence in Aston Martin and our plan that they have invested in us. They have huge experience in luxury brands, and as much as anything that gives the company - and me personally - a group of mentors to work with.
“On a more personal level, Lawrence shares a lot of my beliefs and passions. He was clear that the mid-engined plans had to progress, he has a passion for F1, and F1’s ability to sell cars for you, he can see the value of the hybrid V6 and more. And he loves cars; he’s an investor who wants to engage. There would be nothing worse than a disengaged investor.”
Is his investment enough to do what you want?
“To this plan, yes. It allows us to once and for all start doing the right things, chief among them controlling supply and demand in a way that Ferrari has demonstrated can be so effective. In the past we have had a balance sheet that has required us to push wholesales to pay our bills. Now we can reset, reduce our stock and start operating properly.”