New chief executive for Aston Martin

Current chief executive Tobias Moers has stood down and left the company with immediate effect.

Amedeo Felisa, who is currently a non-executive director, is replacing him. He has spent his entire career in automotive and engineering, with over 26 years in leadership roles at Ferrari, including eight as CEO.

Mr Felisa will focus on delivering the company's continued strategic objectives, financial targets and roadmap towards electrification.

To further strengthen the leadership team, the company has also appointed the highly experienced engineer Roberto Fedeli as its chief technical officer.

Mr Felisa said: "It is very exciting for me to take on this role at Aston Martin as we embark on the company's next phase of growth..

In the first three months of 2022 wholesale volumes were down 14 per cent to 1,168, but revenue rose four per cent to £232.7 million. The pre-tax loss grew from £42.2m a year earlier to £111.6m.

The DBX707, the world's most powerful luxury SUV, was launched in the quarter.

Aston Martin Lagonda chief executive Lawrence Stroll said: "We continue to make tremendous progress, now operating as an ultra-luxury brand and seeing exceptional demand across our product range with sports cars sold out for the year and DBX orders up 60 per cent. Our most recently announced limited-edition, the V12 Vantage, was fully sold out prior to its official launch in March and DBX707 is making headlines as the premier ultra-luxury performance SUV on the market, generating strong customer interest.

"We are poised to deliver good growth in 2022 and remain extremely confident in the medium and long-term prospects as we transform Aston Martin into the world's most desirable ultra-luxury British performance brand."