News
Aston Martin Sues Car Dealer For Withholding Customer’s Payment
Aston Martin has begun legal action against a Swiss dealer, accusing it of withholding customer deposits for its £2.5m Valkyrie sports car.
The carmaker says it will no longer work with the dealer, Nebula Project, and will now take deposits directly.
Nebula signed a deal in 2016 to help finance the Valkyrie and took some deposits from customers, to be used to fund development of the car.
Aston Martin said customers affected would still get their cars on time.
It also asked Swiss prosecutors to consider a criminal investigation.
Aston Martin Lagonda said it expected to take a £15m hit to profits this year as it tried to get back the money that was allegedly lost.
It is also ending agreements with AF Cars AG, which runs its St Gallen dealership in Switzerland and is led by Nebula board members, saying that some cars were sold in breach of agreements.
The Valkyrie car, part of Aston Martin’s attempts to revive its fortunes after a period of financial hardship, has been billed as the fastest “street-legal” car in the world.
The firm’s intention was to build a car that was equally at home on the racetrack and on conventional roads.
Fewer than 200 models are being produced and have already sold out.
Under the original contract, Nebula was to receive a commission on sales of the car, as well as Aston’s Valhalla and Vanquish models.
The company said: “Both Aston Martin and its customers have been impacted by Nebula Project AG’s and its board members’ behaviour.
“Aston Martin is fully committed to supporting and working with those customers affected to ensure that they will still receive delivery of their Valkyrie programme vehicles as scheduled, prioritising customer relationships, despite the company not having received all the deposited funds.”
-
Celebrities Auto1 week agoThrowback: When KC Luxury Boasted Of Being The Only Person In The World To Own Two Rare Mercedes-Maybachs
-
News6 days agoAndrew Tate’s Lawyers Claim His Famous Bugatti And Aston Martin Are Rented
-
Car Theft2 days agoOyo Police Bust Trans-National Car Theft Syndicate, Recover Stolen Lexus RX 350
-
News4 days ago1997 Cadillac DeVille d’Elegance: Why Dolly Parton Donated Her Favorite Car After 10 Years
-
News1 week agoThe Tesla Cybercab Has Begun Transporting Passengers In Austin Texas
-
Celebrities Auto4 days agoBurna Boy Lifts ₦1.6B Ferrari Testarossa Into His 26th Floor Penthouse
-
News24 hours agoPutin Test-Drives Chinese-Designed Volga K50 Built At Former Volkswagen Plant
-
News1 week agoInnoson G80 SUV Steals The Show As Nigerian Army Garrison Commander Visits FCT Police