Welcome back, Aston Martin — it’s been a while.
On Wednesday, the luxury carmaker announced its return to the Formula One World Championship after 61 years, unveiling its new racer, the AMR21.
“Today is a truly historic moment for Aston Martin, as we return to the pinnacle of motorsport for the first time in more than 60 years,” said CEO Tobias Moers. He noted that the racing spotlight will have “far-reaching positive effects” on the brand.
The carmaker sees the event as a turning point after a dismal 2020 in which its stock price dropped 82%.
While the pandemic caused the 2020 slump, the previous year was even tougher for Aston Martin. It reported net losses of $145.2 million after struggling to stir up interest in its pricey vehicles.
The company saw glimmers of hope with a healthy first-quarter earnings report, led by strong demand for its new $223,000 SUV.