PRESS: Aston Martin faces countersuit over Valkyrie hypercar - FT

(Alliance News) - Aston Martin Lagonda Global Holdings PLC is embroiled in a lawsuit filed by two former car dealers, the Financial Times reported on Wednesday.

The dealers claim they are owed around GBP150 million for underwriting Aston Martin's development of the Valkyrie hypercar, the newspaper said, citing two people with knowledge of the matter.

The claim follows Aston Martin's announcement back in June of 2021 that it had filed civil legal proceedings against Nebula Project AG and criminal proceedings against its board members, alleging that Nebula had failed to pay to Aston Martin some customer deposits received for the Valkyrie.

Nebula is a Swiss company owned by car dealers Andreas Baenziger and Florian Kamelger, the FT said.

In a statement on Tuesday evening quoted by the FT, Aston Martin Chair Lawrence Stroll said: "Last year, Aston Martin filed civil legal proceedings against Nebula Project AG, and criminal proceedings against its board members, after we became aware that Nebula had failed to pay what the company believes to be millions of pounds of deposits taken from our Valkyrie programme customers.

"Aston Martin is working with our affected customers to ensure they receive delivery of their vehicles. We are confident in our legal position and believe their counterclaims are retaliatory and without merit."

https://www.ft.com/content/f9ba2842-6a25-4a57-aa1e-817c2c47d34d

Aston Martin shares shares were down 6.5% at 147.00 pence early Wednesday. The stock is down 79% over the past 12 months.

By Xindi Wei; xindiwei@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

Aston Martin Lagonda