Latest news with #LawrenceStroll
Car and Driver
2 days ago
- Automotive
- Car and Driver
Report: Ferrari Is Apparently Delaying Its Second EV
Ferrari is pushing back plans to launch its second fully electric vehicle, according to a report from Reuters. An anonymous source told the outlet that there is "zero" demand for high-performance electric cars right now. Ferrari is planning to reveal its first EV next spring, with its second model now pushed back to 2028. After pushing back the reveal of its first EV from this October to next spring, Ferrari is now delaying the launch of its second EV. Citing two anonymous sources, Reuters reported that the Italian automaker is pushing back the car's launch from 2026 until at least 2028. NurPhoto | Getty Images The issue, according to Reuters' sources, is that Ferrari's customer base has "zero" interest in high-performance electric vehicles. One source told the outlet that "real, sustainable demand is non-existent for an electric sports car." According to the Reuters report, Ferrari's first EV will be a low-volume special model, but the second is supposed to be a higher-volume model, hence the delay. While a lack of real demand for the car is the main reason for Ferrari delaying, the extra time will also give the automaker more opportunity to develop in-house EV technology to entice future customers. Ferrari isn't the only sports-car manufacturer struggling to convince wealthy buyers that their EV is worth a price premium. When explaining why his company was delaying the launch of its first EV last year, Aston Martin CEO Lawrence Stroll told Autocar that customers simply want "sounds and smells" from their sports cars. Maserati found itself in a similar conundrum, and five years after announcing the electric MC20 Folgore, the brand scrapped the model entirely because of "a perceived lack of commercial interest." Jack Fitzgerald Associate News Editor Jack Fitzgerald's love for cars stems from his as yet unshakable addiction to Formula 1. After a brief stint as a detailer for a local dealership group in college, he knew he needed a more permanent way to drive all the new cars he couldn't afford and decided to pursue a career in auto writing. By hounding his college professors at the University of Wisconsin-Milwaukee, he was able to travel Wisconsin seeking out stories in the auto world before landing his dream job at Car and Driver. His new goal is to delay the inevitable demise of his 2010 Volkswagen Golf. Read full bio
Yahoo
07-06-2025
- Automotive
- Yahoo
How Adrian Newey is 'provoking' Aston Martin
to help speed up the outfit's development. Newey sparked a warning that despite the team's state-of-the-art Silverstone HQ possessing the best equipment, there was a problem with the data correlating with the simulator. Advertisement Newey identified Aston's loop simulator as an area of weakness and said rectifying the issue was 'probably a two-year project in truth'. However, speaking on the James Allen on F1 podcast, Cowell said his design team had leapt on those comments with a view to proving the legendary designer wrong with his prediction. Cowell said: 'Everything that we're doing can improve and needs to improve. Adrian thinks the same. The great thing with Adrian is he knows the level that we need to get to. So he's setting high standards. I'm setting tough standards within the organisation. And then it's about how quickly can we get there. 'Is it going to take us two years to get there? No, it's not. Is Adrian provoking people? Yes, he is. As is Lawrence [Stroll] and Fernando [Alonso] and Lance [Stroll] and myself and many other people within the organisation. Advertisement 'We are all setting high standards to achieve. And the competitive advantage comes from how quickly you achieve it. 'So Adrian's provoking us. He's saying it's going to take everybody two years to achieve that. And everybody in the factory that I've spoken to that's working around the design team is going, 'well, we'll show him! We'll turn it into months rather than years'.' Andy Cowell, Team Principal and Group CEO at Aston Martin F1 Team with Adrian Newey, Managing Technical Partner of Aston Martin F1 Andy Cowell, Team Principal and Group CEO at Aston Martin F1 Team with Adrian Newey, Managing Technical Partner of Aston Martin F1 Zak Mauger / Motorsport Images via Getty Images Zak Mauger / Motorsport Images via Getty Images Advertisement Cowell, the team's CEO and team principal, first worked with Newey back in 2004 when the latter was at McLaren; he was working for Mercedes at the time, and says the two have rekindled their working relationship and have open discussions about the improvements they can make. He added: 'I worked together with Adrian, but that's a long time ago now. The last two months we've been working together, and it's very enjoyable. Adrian isn't interested in people management, business organisation, or the way of stitching everything together so that we're all focused on the race car. 'Adrian is focused on the design of the race car, the architecture, and the detailed considerations. He's been in the industry a long time, as have I, and we know our strengths and our weaknesses. I think a strength that we've both got is that we can just talk openly to each other.' Cowell says that his ability to understand the complexities of the F1 hybrid engine – having led Mercedes' successful High Performance Powertrains division – will help him with the integration as Aston switches to Honda engines for 2026. Advertisement He said: 'It's five years ago that I was last poking my nose inside a Formula 1 engine, and so I completely respect that it's Honda's responsibility to create the power unit for '26 onwards for Aston Martin. 'I'm a big believer in everybody that's working on the racing car, whether it's a composite designer, whether it's for suspension, whether it's vehicle dynamics, aerodynamics – we all focus on what's best for the race car, and the best way of coming up with a common language is having a common currency, and that's lap time. 'That said, what I can also do is listen to what the Honda engineers are talking about, what they're battling with, and I can explain that to the people here. I can just take the pressure off this area a little bit. 'And likewise, I can do the same with Honda. I can say, 'look, the integration guys are asking for this because of this'. So hopefully, I can explain both worlds, but we can equate what we're doing from a performance perspective in the common currency of milliseconds.' More: Listen to the JA on F1 podcast at To read more articles visit our website.
Yahoo
07-06-2025
- Automotive
- Yahoo
How Adrian Newey is 'provoking' Aston Martin
to help speed up the outfit's development. Newey sparked a warning that despite the team's state-of-the-art Silverstone HQ possessing the best equipment, there was a problem with the data correlating with the simulator. Advertisement Newey identified Aston's loop simulator as an area of weakness and said rectifying the issue was 'probably a two-year project in truth'. However, speaking on the James Allen on F1 podcast, Cowell said his design team had leapt on those comments with a view to proving the legendary designer wrong with his prediction. Cowell said: 'Everything that we're doing can improve and needs to improve. Adrian thinks the same. The great thing with Adrian is he knows the level that we need to get to. So he's setting high standards. I'm setting tough standards within the organisation. And then it's about how quickly can we get there. 'Is it going to take us two years to get there? No, it's not. Is Adrian provoking people? Yes, he is. As is Lawrence [Stroll] and Fernando [Alonso] and Lance [Stroll] and myself and many other people within the organisation. Advertisement 'We are all setting high standards to achieve. And the competitive advantage comes from how quickly you achieve it. 'So Adrian's provoking us. He's saying it's going to take everybody two years to achieve that. And everybody in the factory that I've spoken to that's working around the design team is going, 'well, we'll show him! We'll turn it into months rather than years'.' Andy Cowell, Team Principal and Group CEO at Aston Martin F1 Team with Adrian Newey, Managing Technical Partner of Aston Martin F1 Andy Cowell, Team Principal and Group CEO at Aston Martin F1 Team with Adrian Newey, Managing Technical Partner of Aston Martin F1 Zak Mauger / Motorsport Images via Getty Images Zak Mauger / Motorsport Images via Getty Images Advertisement Cowell, the team's CEO and team principal, first worked with Newey back in 2004 when the latter was at McLaren; he was working for Mercedes at the time, and says the two have rekindled their working relationship and have open discussions about the improvements they can make. He added: 'I worked together with Adrian, but that's a long time ago now. The last two months we've been working together, and it's very enjoyable. Adrian isn't interested in people management, business organisation, or the way of stitching everything together so that we're all focused on the race car. 'Adrian is focused on the design of the race car, the architecture, and the detailed considerations. He's been in the industry a long time, as have I, and we know our strengths and our weaknesses. I think a strength that we've both got is that we can just talk openly to each other.' Cowell says that his ability to understand the complexities of the F1 hybrid engine – having led Mercedes' successful High Performance Powertrains division – will help him with the integration as Aston switches to Honda engines for 2026. Advertisement He said: 'It's five years ago that I was last poking my nose inside a Formula 1 engine, and so I completely respect that it's Honda's responsibility to create the power unit for '26 onwards for Aston Martin. 'I'm a big believer in everybody that's working on the racing car, whether it's a composite designer, whether it's for suspension, whether it's vehicle dynamics, aerodynamics – we all focus on what's best for the race car, and the best way of coming up with a common language is having a common currency, and that's lap time. 'That said, what I can also do is listen to what the Honda engineers are talking about, what they're battling with, and I can explain that to the people here. I can just take the pressure off this area a little bit. 'And likewise, I can do the same with Honda. I can say, 'look, the integration guys are asking for this because of this'. So hopefully, I can explain both worlds, but we can equate what we're doing from a performance perspective in the common currency of milliseconds.' More: Listen to the JA on F1 podcast at To read more articles visit our website.
Yahoo
02-06-2025
- Automotive
- Yahoo
Aston Martin faces pressure from Fitch
Fitch Ratings has maintained Aston Martin Lagonda Global Holdings Plc's long-term issuer default rating at 'B-', with a Negative Outlook, citing increased liquidity risk and weaker-than-expected free cash flow in 2024. The credit update, published on 2 June, follows continued financial pressure on the luxury carmaker, despite a recent capital injection and relief from proposed US automotive tariffs. The rating action comes two months after Aston Martin's executive chairman Lawrence Stroll told Bloomberg News (1 April) that he does not rule out taking the company private. Stroll described the carmaker's market valuation — around £650 million — as a 'joke', noting it is now roughly equal to the amount his Yew Tree consortium has invested since 2020. After the latest £52.5 million capital raise, Yew Tree's stake will increase to around 33%. While Stroll insists the company is 'severely undervalued', Fitch's view underscores the difficulty of turning around the carmaker's financial performance. Fitch highlighted a larger-than-anticipated free cash flow deficit in 2024 and ongoing execution risks linked to Aston Martin's turnaround strategy. These concerns persist despite a £125 million capital boost announced at the end of March, comprising a share issue and the sale of the company's stake in its Formula 1 team, which temporarily eases liquidity pressures. Aston Martin, which has declared its goal to become EBIT-profitable in 2025, has consistently struggled to achieve sustainable performance. Car sales fell 9% year-on-year to around 6,000 in 2024, while the group reported a pre-tax loss of £290 million. Analysts have questioned the company's ability to deliver on revised profitability targets, particularly given ongoing supply chain constraints and past delays in model launches. The company's US exposure adds further complexity. The US accounted for 37% of group revenue in 2024, and earlier proposals from the Trump administration to impose 25% tariffs on UK car imports raised concerns. However, a new UK–US trade agreement, whose implementation date remains unclear, will reduce duties to 10% for the first 100,000 vehicles exported annually, roughly equivalent to the UK's 2024 export total, according to the Society of Motor Manufacturers and Traders (SMMT). While management has downplayed the impact, noting the tariff hike is 'not catastrophic,' Fitch notes that the pricing implications are uncertain. To mitigate near-term tariff effects, Aston Martin accelerated US-bound shipments in Q1 2025, providing inventory cover for the second quarter. Management has also indicated that passing on higher costs may be feasible for high-margin, limited-run models, but Fitch notes that long-term margin effects remain unclear. Tariff-related cost pressure adds to existing inflationary challenges, though the company continues to pursue cost-saving initiatives. Since its 2018 IPO at a £4.3 billion valuation, Aston Martin has undergone several strategic resets. The latest, under new CEO Adrian Hallmark, who joined from Bentley Motors Ltd, prioritises profit over volume, scrapping previous sales targets and focusing instead on customised, high-margin models and derivatives of existing platforms. Hallmark previously led Bentley to record profitability, increasing its operating margins to over 20% by 2023. Still, Fitch warns that Aston Martin's 'rating headroom remains constrained,' with profitability dependent on effective execution, shareholder support, and resilience to external risks including weaker demand, particularly in China, and potential delays to new launches. "Aston Martin faces pressure from Fitch" was originally created and published by Motor Finance Online, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
News.com.au
02-06-2025
- Business
- News.com.au
Petulant F1 billionaire Lance Stroll injured in secret garage tirade
Lance Stroll was reportedly injured in a team garage tirade — forcing him to miss Sunday night's Spanish Grand Prix. The Canadian, whose father is billionaire Lawrence Stroll, missed the race, despite competing in qualifying at the Circuit de Barcelona-Catalunya. Just a few hours after Aussie Oscar Piastri took pole position, Aston Martin announced Stroll would not compete in Sunday's race. Stroll has finished the day in P14 after failing to progress to the third qualifying session. The team released a statement to announce medical staff had advised he needed to undergo an operation as a result of ongoing pain in his hand and wrist. However, the BBC on Sunday reported the 26-year-old launched into a tirade inside the team's garage after he was eliminated in Q2. Leading F1 reporter Andrew Benson wrote Stroll's tirade turned physical with suggestions from anonymous sources Stroll had injured himself during the incident. The BBC reports Stroll damaged equipment in the garage and swore at members of the team. A team spokesperson has denied Stroll's tirade turned physical and also denied he had sworn at staff members. However, the team has confirmed 'Lance was upset' following the session. Stroll had finished Saturday's qualifying session more than 0.5 seconds behind teammate Fernando Alonso. The team said in a statement: 'Over the course of the past six weeks Lance has been experiencing pain in his hand and wrist, which his medical consultant believes is in relation to the procedure he underwent in 2023. 'As a result his medical team have confirmed that he will not race tomorrow and he will undergo a procedure to rectify these issues before focusing on his recovery.' The team has not confirmed if Stroll will compete at his home race, the Canadian Grand Prix, beginning June 13. Because Stroll pulled out after qualifying, the team was unable to replace him, leaving Alonso as the only Aston Martin on the starting grid. Stroll has now been with the team for seven seasons with his father Lawrence remaining the team's major shareholder. He has three career podium finishes, but his last one came back in 2020. His contract with the team reportedly extends through to the end of the 2026 season. However, all bets could be off if his father is tempted to sell his share in the team. Bonkers rumours erupted in April with suggestions Stroll Snr. was preparing to walk away from the team. The team is rumoured to be the target of Saudi Arabian crown prince Mohammed bin Salman Al Saud, through his close ally Yasir Al-Rumayyan, who manages the Gulf nation's $940 billion Public Investment Fund (PIF). If the sale does eventuate, it has been reported the team would attempt to recruit Max Verstappen on a ridiculous $470 million ($USD300m) contract offer. That would leave Lance as the obvious weak link likely to be cut by the team, which has shown support for veteran legend Fernando Alonso. Stroll Snr — who has a net worth recently valued at $3.7 billion — paid $80 million to Williams to first get his son behind the wheel of Formula 1 car and then moved to Aston Martin on the back of his father buying a majority share of the Racing Point team.
