Last year, a document released by Aston Martin pointed to the automaker having already sold the tooling and design drawings for its Vanquish sports car, with Morgan suspected to be the potential buyer.
However, a more recent report indicates that the British luxury carmaker has written off 19 million pounds (nearly $24 million), as this sale actually fell through. In the end, the buyer was never named, although a source told Autonews Europe that they were based in China.
“The commercial position on this contract has deteriorated with significant doubt remaining over the outstanding receivable,” said Aston Martin in a statement, without naming the Vanquish. Still, a company spokesman confirmed that the contract was for the sale of “legacy IP (intellectual property).”
Failing to secure this new income is yet another blow for Aston, who was recently forced to downgrade its predictions for the number of deliveries to its dealers this year – from 7,100 to 6,300 units – blaming the current state of the car industry in Europe.
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The automaker’s next step is to improve its efficiency and reduce the cost base. Its upcoming DBX crossover should prove vital to the company’s success – Aston Martin will begin taking orders for its first ever SUV at Pebble Beach next month, while production is scheduled to begin in Q2 of 2020.
As for the Vanquish, it stood as the brand’s high-performance V12 Coupe and Convertible, as the second-gen model was produced between 2012 and 2018. Last year, it was replaced by the more potent DBS Superleggera.