autoevolution
 

Aston Martin Sues Swiss Partner For Keeping £10 Million in Valkyrie Deposits

You might have never heard of Nebula Project AG, but you certainly know Aston Martin. Both companies joined forces to develop the Valkyrie hypercar. In 2016, when Aston Martin did not have the money to engineer its masterpiece, Nebula backed the idea by underwriting the project and handling some Swiss customers’ deposits. Now, Aston Martin is accusing Nebula of holding these deposits to a sum that reaches more than £10 million ($14 million).
Aston Martin Valkyrie 12 photos
Photo: Aston Martin
Aston Martin Valkyrie on public roadsAston Martin Valkyrie on public roadsAston Martin Valkyrie on public roadsAston Martin Valkyrie on public roadsAston Martin Valkyrie on public roadsAston Martin Valkyrie on public roadsAston Martin Valkyrie on public roadsAston Martin Valkyrie on public roadsAston Martin Valkyrie on public roadsAston Martin Valkyrie on public roadsAston Martin Valkyrie on public roads
The Financial Times revealed the story and said Aston Martin is filing documents with the Swiss criminal prosecutor and also pursuing a civil action against its former partner. The British company said it will take a £15 million ($21 million) hit to profits in 2021, which means that these £10 million represent almost 70% of that hit.

Nebula Project AG is run by Andreas Baenziger and Florian Kamelger. Both executives said they were “surprised and disappointed” with the “entirely unfounded” accusations made by Aston Martin. Apart from helping the British carmaker develop the hypercar, the Swiss company also wanted to get commissions from Valkyrie, Valhalla, and Vanquish sales.

Since no one else has access to the contract both companies signed, we will never be sure about who is right or wrong in this story until the Swiss courts rule the case. Aston Martin alleges Nebula could not retain the deposits and asked Switzerland’s legal system to take care of the problem. Some Valkyrie reservation owners sided with Aston Martin in the lawsuit.

Nebula said it was “prepared to pursue the necessary steps” to ensure Aston Martin would comply with what they had agreed to do. The Swiss company’s response said that “contracts have to be honored despite any shareholders and management changes.” That is a direct reference to Lawrence Stroll, who became the executive chairman of the British company after leading an investment consortium that injected £182 million ($253 million) into the business.

For hypercar fans, it will be interesting to follow what Swiss judges will decide regarding this legal dispute. When both sides think they are more than right about something, tiny details may establish the truth about the case.
If you liked the article, please follow us:  Google News icon Google News Youtube Instagram X (Twitter)
About the author: Gustavo Henrique Ruffo
Gustavo Henrique Ruffo profile photo

Motoring writer since 1998, Gustavo wants to write relevant stories about cars and their shift to a sustainable future.
Full profile

 

Would you like AUTOEVOLUTION to send you notifications?

You will only receive our top stories