Accelerating the pace of transformation Ardern Homack will become Aston Martin Global CEO later this year

Reporter Guo Yangchen and Quartz Jing report from Shanghai

Adrian Hallmark will become Executive Director and Chief Executive Officer of Aston Martin until 1 October 2024. Interviewee/Figure

Aston Martin's Board of Directors has announced that Adrian Hallmark, a veteran executive in the ultra-luxury automotive sector, will become Executive Director and Chief Executive Officer of Aston Martin until 1 October 2024.

The reporter of "China Business Daily" learned that Ardern Hormack, 61 years old, has accumulated more than 25 years of director-level experience in the automotive industry in the United States, Europe and Asia, and has worked in many internationally renowned automobile companies such as Bentley, Porsche and Volkswagen. He has been Chairman and Chief Executive Officer of Bentley Motors since 2018 and has led the electrification of Bentley Motors.

Electrification has also been a development strategy for the British ultra-luxury car brand in recent years. In April 2022, Aston Martin announced its "RacingGreen" strategy, and in June 2023, it announced that it would invest around £2 billion over the next five years to drive the transition to electrification. However, the launch of Aston Martin's first all-electric vehicle has been postponed from 2025 to 2026.

"Ardern Hormack's deep experience in ultra-luxury cars and UK manufacturing will energise Aston Martin and further drive our growth strategy. Aston Martin Executive Chairman Lawrence Stroll said Amedeo Felisa will continue as CEO until Ardern Hormac takes on the role and will be responsible for the launch of Aston Martin's new products, including the launch of the third all-new model of the new generation of sports cars in 2024.

Former Bentley CEO joins Aston Martin

It is understood that Edern Homack, a "veteran" who has been deeply involved in the automotive industry for many years, will succeed Amido Felisa as CEO of Aston Martin before October 1. In late March, Ardern Homack had just decided to step down as chairman and chief executive officer of Bentley Motors.

Commenting on the new appointment, Laurence Stoll said: "As an industry leader, Ardern Holmack is not only a leader in ultra-luxury vehicles, but also one of the most visible leaders in the global automotive industry. His deep experience in the ultra-luxury automotive and UK manufacturing sectors will energise Aston Martin to further drive our growth strategy and continue the momentum we have so far." ”

"It has been a tremendous privilege to be CEO of Aston Martin and to join this legendary brand on this magnificent journey. Amideo Feliza said he was proud of the strides he had made over the past two years and had laid out a bright picture for the future, and believed that now was the right time for the company to make a management transition. "After that I'm going to hand over the baton to Ardern Hormack. For Aston Martin, Ardern Homack has first-class management experience and his arrival is set to lead the company to new heights. ”

Ardern Hormack added: "Like many in the ultra-luxury automotive sector, I have been following the ongoing transformation of the Aston Martin brand and products for a long time, and this is undoubtedly one of the most exciting events in the ultra-luxury automotive sector. I hope that my experience and passion will continue to help the company continue to grow and further unleash the potential of this legendary brand to lead Aston Martin to even greater success." ”

The transition to electrification is an important part of Aston Martin's strategy right now. In April 2022, Aston Martin announced its "RacingGreen" strategy, and in June 2023, Aston Martin announced that it would invest around £2 billion over the next five years to promote the transition to electrification.

The reporter noted that Aston Martin's transformation strategy was suffering a setback. Aston Martin, for example, has delayed the launch of its first battery electric vehicle by one year and now expects it to launch an electric vehicle in 2026. That's why Ardern Homack's experience in leading Bentley's successful transformation is invaluable to Aston Martin today.

It is reported that since Ardern Homack "took the helm" of Bentley Motors in February 2018, it has not only launched a number of new models, but also set a strategic goal of building Bentley Motors into an ultra-luxury car brand in line with the concept of sustainable development by 2030, and Bentley Motors is also the first brand in the ultra-luxury car segment to implement electrification initiatives. At the same time, he led the development and implementation of the "Beyond100" business strategy, which aims to reshape the company's business model and make the Bentley brand the industry benchmark in the global ultra-luxury car sector.

Two new models will be delivered in China in 2024

Despite the stymied electrification transition, Aston Martin has not slowed down the pace of new car launches. Over the past year, the DB12 and Vantage models have been successfully renewed.

It is understood that the all-new DB12 will debut in June 2023 and is the first model in Aston Martin's new generation of new product line, with a domestic price starting at 2.518 million yuan, and the first batch of new car deliveries in the Chinese market is planned to begin in the third quarter of 2024.

Building on the GT sports car, the all-new DB12 takes a step forward and takes a leap forward in quality and performance. Hand-built by Aston Martin, the bespoke 4.0 V8 twin-turbo engine achieves best-in-class 680 hp and 800 Nm. The engine's performance has increased by 34 percent, reaching a top speed of 325 km/h and accelerating from 0 to 100 km/h in just 3.6 seconds, pushing the limits of performance to new heights.

And in February 2024, Aston Martin's new Vantage was officially announced. Aston Martin announced that production of the all-new Vantage will begin in the first quarter, with deliveries in China starting in 2024.

According to reports, the all-new Vantage is equipped with a significantly upgraded hand-crafted 4.0-liter twin-turbo V8 engine, which is the fastest model in the history of the Vantage series. Compared to the previous model, power and torque have achieved the biggest leap to date, with 155 hp and 115 Nm of more power, respectively, an increase of 30% and 15%, respectively. It has a top speed of 325 km/h and accelerates from 0 to 100 km/h in just 3.5 seconds.

"As we enter a pivotal period of change in the world of high-performance sports cars, where it is essential to maintain the quality on which the legendary brand depends, the all-new Vantage pushes high performance to the extreme. According to Amid Ofelisa, the use of the latest technology in a perfectly balanced front-rear-wheel drive chassis on top of class-leading power and performance has resulted in an exhilarating sports car. Coupled with a robust exterior, an all-new interior and a state-of-the-art infotainment system, the all-new Vantage stands out in every way.

According to Lawrence Stoll, Amido Felisa will continue to serve as CEO until Edern Hormack officially takes over and will be responsible for the launch of new Aston Martin products, including the release of the third all-new model of Aston Martin's new generation of sports cars in 2024. "Following the successful refresh of the DB12 and the all-new Vantage, the launch of this new model will further cement Aston Martin's position as the industry leader in ultra-luxury front-engined models. ”

It is worth mentioning that Aston Martin's annual loss in 2023 narrowed. After deliveries of Valkyrie models and other special edition models, the brand's products sold at record levels.

According to data released by Aston Martin, the company's adjusted EBITDA reached £174.8 million in the fourth quarter of 2023, up 58% on the same period of the previous year. For the full year 2023, the company posted revenue of £1,632 million, up 18% year-on-year, an operating loss of £111 million, down from £142 million in 2022, and an adjusted EBIT loss of £79.7 million, up from £118 million in 2022.

As for 2024, Aston Martin's expectations remain unchanged, saying its gross margin target remains at 40% and free cash flow will turn positive in the second half of the year. At the same time, it is expected to invest 350 million pounds in new product research and development in 2024.

(Editor: Quartz Jing Proofreader: Zhai Jun)