By 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 carmaker aims to revive sagging sales and achieve positive cash flow .
The company will produce just 38 units of the Valiant, a vehicle designed by the Aston Martin team together with Formula 1 driver and two-time world champion Fernando Alonso.
The Valiant’s sales price is about 2 million pounds ($2.54 million), excluding taxes in Britain, a source close to the company told Reuters.
According to the company, all units have been pre-sold.
Aston Martin has stopped producing old models ahead of ramping up production of new models that are expected to boost sales and profit growth at the loss-making company from the second half.
In recent years, chairman and top shareholder Lawrence Stroll has refreshed the British brand’s range of sports cars with new models and carried out a number of recapitalizations, including a rights issue that made the Saudi sovereign wealth fund a major shareholder in 2022.
Valiant joins Valkyrie, which starts at £2 million, Vantage and the upcoming mid-engine supercar Valhalla as collector specials. The company did not disclose what price Valiant would sell at.
The second half of 2024 will be a real test for the company and its ability to increase production after hitting certain bumps in the past.
The company faced production issues for the DB12 in November, shipping delays and higher costs to supply the limited-edition Valkyrie in recent years.
Alonso is one of the drivers of the Aston Martin Aramco (TADAWUL:) Formula 1 team, alongside Stroll’s son Lance. Aston Martin Racing and Aston Martin Lagonda are separate entities.
($1 = 0.7889 pounds)
