F1 News
Future of Aston Martin rescued: Lawrence Stroll joins as new chairman
- GPblog.com
The fact that Aston Martin is also suffering from the coronavirus should not be called a coincidence. The British car manufacturer has been struggling with financial problems for years, but that now seems to have come to an end with Lawrence Stroll as its new Executive Chairman.
On Monday evening, Aston Martin announced that Stroll will take office as Executive Chairman as of 20 April and in the meantime has also deposited a sum of money, Autocar reports. The Canadian billionaire and his group of investors have invested as much as £262 million in the illustrious company, which had a budget of £536 million. Andy Palmer will remain as CEO of Aston Martin.
Stroll helps Aston Martin
Stroll will not board Aston Martin for nothing, because from 2021 the British brand will be entering Formula 1 as a manufacturer, although it will not yet be supplying engines itself. With his son on board, Lawrence is of course committed to making this a success, hence the investment in Aston Martin.
However, the future of Aston Martin is now assured, but the manufacturer still stands or falls with the introduction of the DBX SUV. Should this model succeed, the manufacturer would have a unique business model in its hands, but in the event of a failing concept, the brand could still go under. Stroll's investment will allow production to resume and the Aston Martin DBX SUV is expected in the summer.