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Aston Martin sues Swiss car dealer

Aston Martin is suing a Swiss car dealer which it claims failed to hand over customer deposits for its £2.5m Valkyrie supercar.

The luxury vehicle maker said civil proceedings had been filed against Nebula Project and that, backed by some of its customers, it was asking prosecutors to consider a criminal investigation.

Aston Martin said the saga was expected to dent annual profits by £15m as it tries to recoup the money.

General view of an Aston Martin logo on the bonnet of an Aston Martin Rapide.

It said it was fully committed to customers receiving delivery of their supercars on schedule despite not having received the deposited funds.

The company added that it was on track to make its first deliveries of the Valkyrie – a limited edition supercar which uses Formula One technology – in the second half of this year.Advertisement

It said in future it would take deposits for “special vehicles” directly and not through a third party.

Nebula had signed an agreement in 2016 to help finance the Valkyrie, which would have entitled it to potentially “significant” royalty payments as they rolled off the production line, alongside commission on sales of Valhalla and Vanquish models – but this has now been terminated, Aston Martin said.

The deal had been signed at a time when the carmaker was struggling financially.

Aston Martin also said that it was scrapping dealership arrangements with AF Cars, a company operating in Switzerland with the same board members as Nebula, “after learning that vehicles have been sold in breach of terms of the dealership agreement”.

Aston Martin, famous as the maker of cars driven by fictional spy James Bond, said that aside from the “short term negative financial impact” of this issue, it was on course to meet financial guidance for 2021.

An Aston Martin Valkyrie car is seen during the 87th International Motor Show at Palexpo in Geneva, Switzerland March 8, 2017.
Image:Aston Martin said in future it would take deposits directly

Reuters news agency reported that Nebula and one of its board members, Andreas Baenziger, did not respond immediately to emailed requests for comment.

Florian Kamelger, another board member, said in an email that Nebula would release a statement later on Tuesday, Reuters reported.

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