Author: Yadarisa Shabong
(Reuters) – Aston Martin announced the debut of its new limited-edition Valiant sports car on Wednesday and said deliveries would begin in the fourth quarter as the British automaker seeks to reverse slumping sales and turn positive cash flow.
The company will produce just 38 units of the Valiant, a car developed by the Aston Martin team together with Formula 1 driver and two-time world champion Fernando Alonso.
The Valiant retails for about 2 million pounds ($2.54 million) before taxes in Britain, a source close to the company told Reuters.
According to the company, all properties have already been sold in advance.
Aston Martin has stopped production of older models ahead of ramping up production of new models that are expected to boost the loss-making company’s revenue and profits from the second half of the year.
Over the past few years, chairman and major shareholder Lawrence Stroll has refreshed the British brand’s sports car line-up with new models and embarked on several recapitalizations, including a rights issue that saw Saudi Arabia’s sovereign wealth fund become a major shareholder in 2022.
The Valiant joins the ranks of the Valkyrie, which starts at £2 million, the Vantage and the upcoming mid-engine supercar Valhalla as collector’s models. The company has not disclosed the price at which the Valiant will retail.
The second half of 2024 will be a real test for the company and its ability to ramp up production after it faced some difficulties in the past.
The company faced production issues with the DB12 in November, as well as delivery delays and increased supply costs for the limited-edition Valkyrie over the past couple of years.
Alonso co-drives the Aston Martin Aramco (TADAWUL:) Formula 1 team along with Stroll’s son Lance. Aston Martin Racing and Aston Martin Lagonda are different companies.
($1 = 0.7889 pounds)