Ever since taking charge of Aston Martin, Lawrence Stroll has made various radical decisions over how the car company will operate. However, as per Business F1, in a surprising turn of events, the Canadian billionaire has decided to stop the production of his company’s new car Vanquish over which the luxury car brand has already spent $50,000,000 and was supposed to rival Ferrari’s $323,000 worth car— 296 GTB.
The decision comes after Stroll decided to cease the production of mid-ranged cars. The range also includes Valhalla and Adrian Newey’s designed Valkyrie. And Aston Martin will stop the range once the above two cars’ production lines are finished.
It’s a big decision amidst the brand’s financial instability. However, the company’s leadership took the decision after realigning their interests, despite the promise the car showed in the market.
Why Lawrence Stroll dumped a car after spending $50,000,000
The car’s development happened even before Stroll joined the organization as the majority stakeholder. He could have let it go ahead since it had already eaten up a fortune in its development. But the 64-year-old, along with his top aide Tobias Moers has decided to go in a different direction.
2003 Aston Martin Vanquish pic.twitter.com/qqBxMz4TtZ
— Exotic Car List (@ExoticCarList) July 10, 2023
The car, which could have cost around $300,000 in the market, ceased to exist once Stroll and Moers decided to invest in front-engined sports cars, which is the company’s USP. Moreover, as per the source, the front-engined cars are more unstable than the mid-ranged cars.
But Stroll, as quoted by Business F1, argues that his company has started a new series, which is supposed to be superior to GT. But the burning finances at Aston Martin have already instilled a believed exit plan by Stroll from the company. So whether the new successors of the company will like it or not remains to be seen.
The big exit plan
In the last week of May, Stroll sold over $174,000,000 worth of his shares to Geely, making them the third biggest investor. And by 2024, the Chinese company would bag five percent more stake in Aston Martin. Thus, allowing them to possess the largest stakes in the company.
Today Lawrence Stroll sold 34.9 million shares for GBP117.0 million at GBP3.35 per share from Aston Martin Lagonda to Geely pic.twitter.com/HrFN3cKLGL
— Aston Martin F1 updates (@startonpole) May 30, 2023
So, as per Business F1, Stroll is planning an exit from the company as the chairman, as Aston Martin leaking $1,000,000 is worrisome for him. Also, this succession could affect the existence of Aston Martin’s F1 team.
Nevertheless, Stroll claims to be working rigorously for the existence of his company. He even asked for a knighthood from the British Empire for rescuing their home brand and several jobs.
