RE: Valkyrie Production Line9 Apr 2022 13:17
Special cars like the Valkyrie are by far Aston’s most profitable, making its relationships with well-connected dealers vitally important.
The row dates back to an agreement struck five years ago by former Aston boss Andy Palmer, Kamelger and Baenziger which sealed the development of the firm’s first so-called “hypercar”, later known as the Valkyrie.
Created by F1 designer Adrian Newey, it was to be the “most extreme Aston Martin ever”, putting Formula 1 race car performance into a vehicle customers could drive on ordinary roads, and designed to pave the way for a new generation of less-expensive, mid-engine cars including the Valhalla and the Vanquish.
The company limited production to just 150 cars, as well as 30 made for racetrack use, each costing £2.5m each, encouraging desirability.
Aston Martin
Aston Martin's Valkyrie has a top speed of over 205mph
When the idea was first broached in 2016, Palmer was short of funds and could not convince investors to back it. He turned to Kamelger and Baenziger, who by that point had been working with the firm for years.
The pair, both doctors and amateur racing drivers, first set up their Aston dealership business in 2010 and by 2016 had opened their new premises, near St Gallen.
They believed there was demand for a car like the Valkryie – Switzerland, the low tax haven, was home to a perfect clientele – and agreed to provide funds to develop it, in exchange for royalties if it proved a success. The deal was thought to be worth as much as €20m to €30m per year to the pair over a decade.
Unveiling it at an industry show in 2017, Palmer vowed to begin production in two years’ time. Still, the agreement was not considered large enough to warrant inclusion in Aston’s prospectus before it listed in London in 2018. Palmer declined to comment.
While the hypercar proved wildly popular, almost instantly selling out, production soon became bogged down in delays. Aston, meanwhile, was facing cash problems only heightened by the pandemic.
In March 2020 Stroll, who made his name investing in luxury brands such as Tommy Hilfiger and Michael Kors, threw the company a lifeline in a £500m rescue deal, sacking Palmer in the process while vowing to turn the struggling carmaker into a “British Ferrari”.
With Palmer’s exit, Valkyrie’s release was also pushed back again, to later this year – at least two years later than originally promised.
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