Aston Martin in a lawsuit over 2.5 million euros worth of Valkyrie ‘hypercar’ payments
Aston Martin has sued two Swiss car dealers, claiming that they had seized more than € 10 million worth of customers paid in the 2.5 million euro Valkyrie hypercar.
The luxury car manufacturer said on Tuesday that it is presenting some documents with the Swiss criminal prosecutor to investigate members of the management of Nebula Project AG.
Aston will also file a civil lawsuit against the Nebula Project, which managed the deposits of hypermarket customers. The automaker will have a profit of 15 million euros in profits this year and will reserve another undisclosed amount next year, it said in a statement.
Valkyrie is Aston Martin’s flagship product, with a limited number of 150 models and 30 more for the racetrack version designed by the company to push it to mid-engine models.
“Aston Martin is fully committed to supporting and working with these affected customers to ensure that they still receive delivery of vehicles from the Valkyrie program, as planned,” the automaker added.
At least £ 10 million comes from unsuccessful customer deposits of £ 15 million. The remaining £ 5 million comes from an accounting provision after the team completed its own management in Switzerland after the completion of the Aston Martin dealership. The company has four other dealers in the country.
The two directors of the business are Andreas Baenziger and Florian Kamelger, according to presentations on the project and previous press releases.
The pair helped Aston fund Valkyrie in 2016 by offering a subscription to the project and managing deposits from Swiss customers that were used to fund the development of the car.
In return, Nebula had to charge sales commissions for the Valkyrie model and two cars based on the same technology, Valhalla and Vanquish.
By canceling the deal, Aston believes it will avoid having to pay Nebula a reduction in sales, as the carmaker will remain financially better in the long run, despite its economic success over the next two years.
“The economic impact of not receiving all the funds deposited is expected to outweigh the benefit of ending the Nebula agreement and the associated rescue payments,” Aston said.
The unusual funding model was launched at a time when Aston was struggling financially and unable to invest in the vehicle, believing it to be the fastest and most expensive road car ever made.
While hypercharge buyers paid deposits paid to Nebula to Aston, Nebula executives also charged more payments to some customers, which they did not give to the carmaker, the court records allege.
A large number of Aston customers have joined the lawsuit, and the Financial Times reported it overnight. The automaker says it will abide by sales agreements. Car deliveries are expected to begin in September and continue through next year.
The episode is embarrassing for the business, at a time when it wants to regain investor confidence under the new leadership of Lawrence Stroll.
Canadian billionaire He rescued £ 540 million last year and now it’s his seat, pulling back his electric cars and relying on Valkyrie-based super-powered super cars to catch customers from Ferrari.
Sales of Balkiria were expected to begin in 2020, but were delayed until the end of this year after pandemics tested the products.
Valkyrie-based Valhalla supercar will also appear in the James Bond film No Time To Die.
Nebula has been contacted by directors for comments.