Aston Martin set for legal dispute over payments for £2.5m Valkyrie ‘hypercar’
Aston Martin this morning said that it was launching legal proceedings against a Swiss car dealership for withholding over £10m in customer money.
The iconic British carmaker said that Nebula Project AG had failed to pay customer deposits for the £2.5m Valkyrie hypercar programme.
The marque also said that it was terminating its relationship with AF Cars AG, which runs the British carmaker’s St. Gallen dealership and is run by the same board as Nebula.
It said that it expected to take a £15m financial hit this financial year as a result of the alleged withheld payments, another blow for the firm, which has suffered a turbulent existence since listing in 2018.
Despite not receiving all the deposited funds, the carmaker said that it would work to ensure all Valkyrie customers received their vehicle on schedule.
Aston Martin said that despite the negative impact, it was still on track to deliver on its financial guidance for the current year.
However, the announcement sent the firm’s shares slipping 2.5 per cent so far today.
AJ Bell investment director Russ Mould said that the dispute could have a long-term positive effect on Aston Martin.
“This causes a short-term hit to its earnings and cash flow which means Aston Martin once again disappoints on the financial front”, he said.
“But longer term there could be financial benefits if Aston Martin no longer hands out royalty payments for certain orders including the Valkyrie model made through one of the Swiss dealers, Nebula Project, which had helped to finance the development of the models.”