NEW YORK (BLOOMBERG) -- Aston Martin Lagonda Global Holdings Plc revealed a new supercar for wealthy collectors as the struggling automaker adds more ultra-luxury models to trim losses.
The British manufacturer showed off the Valen, its most powerful front-engine sports car, at the Monterey Car Week in California on Friday. With a 5.2-liter twin-turbo V12 engine, the new model can reach 60 miles per hour in 3 seconds and a top speed of 214 mph.
Only 150 Valens will be made. The car will cost around £1.5 million ($2 million), according to a company spokesperson.
Selling more ultra-pricey models would help Aston Martin boost revenue as it grapples with losses and mounting debt under Executive Chairman Lawrence Stroll. The carmaker last month secured £550 million in financing led by BlackRock Inc.-owned HPS Investment Partners, a deal that’s prompted a backlash from some existing bondholders who are threatening to sue.
Aston Martin
The bondholders are frustrated by a lack of detail and being sidelined. The HPS-led funds committed to provide an additional £100 million loan, which will be accessible if Aston Martin transfers a 50.1% stake in a unit holding its non-automotive intellectual property to Authentic Brands Group, the Reebok owner that counts HPS as an investor.
Stroll has struggled to gain traction with his turnaround efforts since rescuing the company in 2020. Product delays and quality issues have been compounded by a slowdown in China and US tariffs, leading to frequent profit warnings and capital raises as it struggles to turn a profit.
In the second quarter, Aston Martin’s sales of ultra high-end models, which it calls “specials,” jumped to 122 from just four a year earlier, boosted by vehicles like the $1 million Valhalla. That helped revenue jump 62% to £358 million in the period. Still, it recorded a pretax loss of £89 million.
Valhalla, Aston Martin’s first plug-in hybrid supercar, entered production four years later than planned. The company’s net debt was £1.54 billion at the end of June.
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