Aston Martin safe for now

Aston Martin has confirmed it now has the funding to sustain it for at least the next 12 months, enabling it to launch its first ever SUV and compete in Formula 1 as a works-backed team.

On Monday, shareholders approved a £536 million ($A1.1b) rescue package backed by Canadian billionaire Lawrence Stroll who, as a result of his investment, becomes the car-maker's chairman from this month.

Following the cash lifeline, Aston can now push ahead with its plans to put the DBX SUV into production at its new St Athan facility in Wales, following the end of its COVID-19-enforced shutdown.

This means that the British car-maker will be on track for first customer deliveries of what's set to be its best-selling model by the Northern Hemisphere summer -- later than its original second-quarter forecast.

The terms of Stroll's cash injection were reportedly rewritten just two weeks ago after the worsening Coronavirus outbreak sent Aston Martin's shares tumbling to just 226p, down from 550p at the beginning of this year.

Following the takeover by Stroll, who pipped a rival offer from Chinese car-maker Geely, Aston Martin will re-enter Formula 1 and expand into mid-engine supercars and hypercars, including the launch of the Valkyrie towards the end of this year.

As part of its new business model, Aston Martin has ditched its plans to launch a range of electric vehicles under a resurrected Lagonda brand, until at least 2025.

Commenting on the rescue package, Stroll said the cash injection from him and existing Aston Martin shareholders would give the "necessary stability to reset the business for its long-term future.

"We have a clear plan to make this happen, including Aston Martin entering an F1 works team next season and I look forward to working with the management team to deliver this programme."