Aston Martin Lagonda Global Holdings PLC takes criminal action against Swiss dealer over supercar payments
The car group added it had ended its relationship with the dealer but expected to take a hit of up to £15mln in its 2021 accounts for the losses.
“Both Aston Martin and its customers have been impacted by Nebula Project AG’s and its board members’ behaviour,” the carmaker said in a statement, adding it will make the delivery of the vehicles to customers a priority even though it has not received the deposits.
The Valkyrie is one the fastest and most expensive cars in the world with a top speed of 250mph and a cost of US$3mln. Only 150 were ever expected to be built.
Aston Martin said it entered into the arrangement with Nebula in 2016 to help underpin Valkyrie’s development.
That deal would have seen the Swiss group receive royalty payments linked to production volumes, but with the termination of the commercial agreement, Aston Martin is no longer liable for any of these it said.
Dealership arrangements with AF Cars AG, which runs the Aston Martin St Gallen dealership in Switzerland and is managed by the same board members as Nebula Project, have also been terminated.
Aston Martin said that vehicles have been sold in breach of terms of the dealership agreement.
Longer-term, the luxury carmaker said it expects to benefit from the ending of its relationship with Nebula but this year cashflow and EBITDA [underlying profit] will drop by up to £15mln, including a provision of up to £5m for trade debtors.
Elsewhere, the business had performed well year-to-date it said following the successful completion of the supply to demand rebalance for GT/Sport cars, progress on Project Horizon and good forward visibility for both GT/Sport and DBX.
The Valkyrie meanwhile is on track for first deliveries in the second half of the year.
“Other than the short term negative financial impact of this issue, Aston Martin is on course to achieve its financial guidance for 2021 and remains confident in achieving its medium-term targets of c.10,000 wholesales, c.£2bn revenue and c.£500m adjusted EBITDA by 2024/25.”
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