Aston Martin executive chairman Lawrence Stroll says investor confidence, including Toto Wolff, gives him hope that the British brand will succeed as a business, and in Formula 1.
Aston Martin confirmed on Friday that a rights offering to help raise funds, which ended on Monday morning, included an investment by ErsteAM Ltd, controlled by Toto Wolff. Wolff’s stake in Aston Martin shares was originally 4.77%, but following this rights offering, it has now been diluted to 0.95%. It was directly announced that Wolff’s decision to invest in Aston Martin was made on a personal initiative and with the agreement of Daimler, who also has shares in the company, and that the Austrian remains attached to his future at Mercedes.
Speaking on Monday, as the Aston Martin share price recovered briefly after the recent falls, Executive Chairman Lawrence Stroll said the success of the rights issue had made him incredibly optimistic about the future . “Our ambition for the company is significant, clear, and matched only by our determination to succeed”, did he declare. “The rights issue and the investment that my co-investors in the consortium and I have made have confirmed the financial security of the company and the confidence we have in it. We can now focus on the programs of engineering and marketing that will make Aston Martin one of the world’s largest luxury car brands. “
With production of Aston Martin cars halted due to the coronavirus pandemic, Stroll said the coming months would be spent rebuilding the business. But he is confident that things will be much better by 2021 and that his Formula 1 factory team will arrive on the starting grid as a team “highly competitive”.
“During this first year, we will relaunch the business”, he explained, “by initially focusing on the launch of production of its new SUV, the DBX.” He added : “In the months to come, as the world begins to emerge from the COVID-19 pandemic, we will begin to revitalize our marketing initiatives to continue to expand our order book.”
“In 2021, Aston Martin will take its place on the Formula 1 grid as a highly competitive factory team for the first time in over 60 years. This will provide us with an important global marketing platform to strengthen our brand and engage with our customers and partners around the world. “
Lawrence Stroll said the company is now considering appointing a number of non-executive directors.
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