Aston Martin’s new Executive Chairman, Lawrence Stroll thinks that the company’s road car department will benefit from the manufacturer’s involvement in Formula One as a result of technology cross-overs.
On March 30 March, the British sports car manufacturer Aston Martin confirmed its decision to join Formula 1 from 2021. The Yew Tree Consortium – a group of investors led by Lawrence Stroll purchased a 16.7% stake in Aston Martin after fulfilling an injection of £260 of new capital. As a result of the investment, Stroll will become the Executive Chairman of the company that will also create its own works F1 racing team which will build upon the existing Racing Point squad.
By joining the pinnacle of motorsport, the company wants to build the Aston Martin brand globally and engage with its customer base. Stroll thinks that Aston Martin’s decision to become part of the Formula 1 family is the best thing that has happened to the sport recently.
“A brand with the pedigree and history of Aston Martin needs to be competing at the highest level of motorsport. I think it’s the most exciting thing that’s happened in recent memory in Formula 1 and it’s incredibly exciting for all stakeholders in the sport, especially the fans. I can’t think of a better name for a Formula 1 team.”
„Our investment strategy places Formula 1 as a central pillar of the global marketing strategy, and it makes perfect sense to rebrand Racing Point for this purpose. Aston Martin has been competing very successfully in various classes of motorsport throughout its history, but we now have an opportunity to create a works team in Formula 1. The global spotlight of Formula 1 is second to none and we will leverage this reach to showcase the Aston Martin brand in our key markets.”
After the chatter was that Aston Martin has had financial issues, the significant injection is expected to put the luxury sports car manufacturer back on track. According to Stroll, the company’s participation in Formula 1 will open op lots of opportunities for both the road car and the F1 department to benefit from each other’s activities and results.
“This is another important part of the strategy. Not only does Formula 1 help elevate the brand, it opens up the opportunity for technology cross-over. I’m incredibly excited to see what technology can filter down from the racing programme into the road cars. This will be particularly relevant for the mid-engine road cars that will be launched in the future. There will be a genuine collaboration to ensure that our road cars share the DNA of our success on the track as well.”
Aston Martin will temporarily suspend all manufacturing operations in-line with UK Government instructions on COVID-19 to protect the health and safety of our workforce, suppliers, and their families.— Aston Martin (@astonmartin) March 24, 2020
More information: https://t.co/LcxC6pk4RX pic.twitter.com/qGKZhKdmAb
Due to the ongoing coronavirus crisis, Racing Point also suspended its operations after the British government introduced restrictions in order to slow down the spread of COVID-19. The Silverstone-based outfit is also playing role in the fights against the virus by committing to the Project Pitlane that is a cooperation between Formula 1's UK-based race stables.
"The team is also supporting Project Pitlane to help accelerate the production of ventilators. In the meantime, we can rely on video conferences to keep our plans for 2020 and 2021 moving forward. I am committed to Formula 1 with a long-term vision and this is just a temporary pause in the journey,” Stroll concluded.