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Aston Martin understated 2019 loss by £15.3m due to dealer payment error

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Accounting errors have been blamed for an understatement of Aston Martin’s 2019 losses by £15.3 million.

Revisions to the British sports car manufacturer’s reported accounts – including payments to US dealers which had previously booked later than they should – mean that losses in the period amounted to £70.9m rather than the £55.6m previously stated.

News of the issue, which dates back to 2018, the year Aston held its initial public offering, came as the company announced H1 losses of £227.4m in a statement issued today (July 29).

Revenues declined 64%, from £406m to £146m, in the coronvirus-hit trading period, meanwhile.

Commenting on the accounting issue which led to the mis-reporting of Aston Martin’s 2019 losses, the brand’s recently-appointed chief financial officer, Kenneth Gregor, told the Financial Times (FT) that “There are a number of different potential ways the incentives are accounted for, so there are different ways it can be done,” adding that the mis-reporting had been the result of a “simple error or misunderstanding”.

Aston Martin is currently embarking on a plan to axe 500 jobs as part of a restructure of its operations designed to save £10 million each year.

The OEM’s executive chairman, Canadian Billionaire and Formula One team boss Lawrence Stroll, described the move was part of a “fundamental reset” for the business back in early June.

In May the carmaker reported a £119m loss in Q1 as revenues declined by 60% to £79m and vehicle sales fell by 45% to 578.

New chief executive, the former Mercedes-AMG boss Tobias Moers, is set to become CEO join Aston Martin in August, taking the helm from departed CEO Andy Palmer.

The Financial Times (FT) today reported that Aston had so far succeeded in cutting the vehicle inventory at its dealers by 869 cars, but the process of clearing out forecourts of unsold vehicles will last “well into 2021”, the company said on Wednesday.

As a result of the destocking, the group’s flagship Gaydon plant, which makes its sports cars, will remain closed until late August, it said, making it one of the last auto plants in the UK to reopen following the shutdown in March.

Aston Martin begun a “phased return” to vehicle production at its DBX SUV-producing St Athan plant, in South Wales, back in May, however.

The Gaydon-based OEM started work at the recently developed Welsh facility, which produces its crucial new DBX SUV model, in-line with what it called “extensive and wide-reaching new safety measures” designed to reduce COVID-19 risk for employees.

Commenting on the continued closure of its production facility at Gaydon, Gregor told the FT: “We don’t need to produce vehicles that would just add to the problem.

“It’s painful, but it’s the right thing to do.”

Source: https://www.am-online.com/news/manufacturer/2020/07/29/aston-martin-understated-2019-loss-by-153m-due-to-dealer-payment-errors

Automotive

How Car Tires Are Manufactured

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🚗 Cars are complex machines, each part made in highly specialized and specific ways, car tires included. Here is how car tires are manufactured.

🚕 Car tires are the part of your vehicle that keeps you moving forward. But have you ever wondered about how car tires are manufactured? Read ahead for a quick overview of the process.

❋ Design and Plan 👇

Designing the item you plan to manufacture is the first part of any industrial process. Car tires have been around for a long time now, and the manufacturing process is becoming increasingly digital. The design is usually created through engineering software, and the dimensions and curvature are handled with precision. After that, the tire-making machines receive this digitized format.

❋ Select Materials  👇

Most tires consist largely of rubber, both natural and synthetic. Oils, pigments, antioxidants, and other materials mix with the rubber to create each part of the tire. Tires must be crafted from quality, durable materials, including chemical agents, metallic cables, and fabric reinforcers.

❋ Melt and Mold 👇

Heat and friction work together to produce the final rubber composite that will mold the other parts of the tire. Tires are not one singular piece of rubber—they contain tread rubber, sidewall rubber, fabric-coated plies, and bead wires, among other components. A factory worker or automated apparatus then uses a tire-building machine in the shape of a collapsible drum to glue and set the tires. Finally, the tires cure over time, and subsequent heating and steaming help them fully coalesce

❋ Distribute Widely 👇

Quality control is important with tires—after all, tires must handle transporting drivers for thousands of miles on the road. After rigorous testing, the manufacturer packs the tires and distributes them to various sellers. These include tire stores all across the United States, from Trenton, New Jersey to Anderson, Indiana.

🟥 Knowing how car tires are manufactured can help you better select the parts for your vehicle. Because all cars are different and have specific needs, you should consult with a tire expert before choosing your next set of wheels.

👉↘ Source: Christina Duron is a freelance writer for multiple online publications where she can showcase her affinity for all things digital. She has focused her career around digital marketing and writes to explore topics that spark her interest.

 

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Automotive

Feast your eyes on the all-new, all-electric GMC Hummer EV

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GMC has a new all-electric version of its classic Hummer oversized SUV. This thing is a beast, as you might expect, with an advertised 350-mile range and a 3-second zero to 60 mph time. It’s a bit ridiculous to be honest, which is kind of what the Hummer has always been about so that makes sense.

Alongside a teaser, GMC released a number of press photos of the 1,000 HP bruiser, so take a look below. It definitely looks like a Hummer – which may or may not be your cup of tea.

Source: https://techcrunch.com/2020/10/20/feast-your-eyes-on-the-all-new-all-electric-gmc-hummer-ev/

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Automotive

ALYI Highlights Next Steps

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Dallas, TX – October 20, 2020 – OTC PR WIRE – Alternet Systems, Inc. (OTC PINK: ALYI) today announced plans to publish a comprehensive progress update next week targeting a Wednesday, October 28th release date.

Management indicates a number of major endeavors underway in important stages of development to include RevoltTOKEN financing partner’s efforts to finalize ICO details, next steps after finalizing the multiparty milestone agreement announced last week, and a new design path development for the company’s long-term plans for future electric vehicles in Africa.

Management anticipates wrapping up details on the above-mentioned endeavors by next Wednesday and being ready to release a comprehensive update.

For more information and to stay up to date on ALYI’s latest developments, please visit www.alternetsystemsinc.com.

Disclaimer/Safe Harbor: This news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company’s current views with respect to future events that involve risks and uncertainties. Among others, these risks include the expectation that any of the companies mentioned herein will achieve significant sales, the failure to meet schedule or performance requirements of the companies’ contracts, the companies’ liquidity position, the companies’ ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur.

Alternet Systems, Inc. Contact:
Randell Torno
info@lithiumip.com
+1-800-713-0297

Source: https://otcprwire.com/alyi-highlights-next-steps/

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