The company could face a $21 million hit.
t was rough going for Aston Martin before it went public in 2018, and things haven’t gotten any betters since then. Reuters reported this week that the British brand is suing Nebula Project for allegedly withholding customer payments for the Aston Martin Valkyrie. Nebula, of course, is disputing the allegations. However, the pending legal battle goes beyond just missing payments.
Aston Martin and Nebula Project entered into an agreement in 2016 that saw Nebula help finance the development of mid-engine Aston models, including the Valkyrie at the center of the new dispute. In return, Aston had agreed to pay Nebula royalties. However, now that Aston has allegedly terminated the contract, the company believes it no longer has to pay future royalties, which Nebula is also disputing. Nebula’s investment came at another crucial financial period for Aston, which had suffered a disappointing sales year in 2015.
Gallery: Aston Martin Valkyrie Testing On Public Roads
Aston said it could take a potential £15 ($21 million at current exchange rates) hit for 2021 because of those missing payments. Affected customers shouldn’t worry, though, as Aston has promised they’ll receive their Valkyries as planned. Aston has also ended an agreement with AF Cars AG, which Nebula board members lead. The company accuses AF Cars of selling vehicles that were in breach of dealerships agreements, which only adds to the complex legal fight that’s brewing.
Customer deliveries for the Valkyrie were supposed to start before mid-2021, and it’s unclear if those have begun. We do know Aston is preparing to unveil a new Valkyrie model this Monday, which it’s eagerly teasing. Details are scarce, but the car clearly wears an aero kit that’s far more aggressive than anything we’ve seen on the Valkyrie or the AMR Pro variant. Aston revealed the Valkyrie all the way back in 2017, and it has had a complicated and uncooperative development cycle.
Source:
Reuters
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