Aston Martin rallies as Enrico Cardile set to join F1 team

(Sharecast News) - Aston Martin rallied on Tuesday, ending the session up 5.6% at 159.50p and topping the FTSE 250 leader board on news that Enrico Cardile will join the their F1 team as chief technical officer in 2025, having recently left Ferrari, where he was chassis technical director. Lawrence Stroll, executive chairman of Aston Martin Aramco Formula One Team, said: "I would like to welcome Enrico to Aston Martin Aramco as we look to reinforce the technical leadership team ahead of significant regulation changes in 2026. I am thrilled that we continue to attract world-class talent to our team.

"Enrico shares my motivation to be successful in F1 and will have all the resources available to him to realise that ambition. Together with Andy Cowell joining as Group CEO in October and our existing leaders we are creating a formidable team."

Danni Hewson, head of financial analysts at AJ Bell, said investors "may have been heartened" by the potential that comes with the poaching of Ferrari's Enrico Cardile.

"The rumour mill had been grinding for several weeks and the appointment is a coup for Lawrence Stroll in his bid to build up the brand and the company's commercial profitability," she said.

"Success on the track delivers the kind of advertising boost you can't purchase via normal channels. It gives the brand a desirability and a relevance to auto lovers with very deep pockets. And technological advances to those F1 uber-cars can be harnessed and developed for vehicles manufactured for the more mundane streets inhabited by ordinary motorists."

Hewson pointed out it's been "a pretty dismal" year for the share price, which is down more than 50%. However, "today's news is a small silver lining investors will be hoping gives way to bluer skies", she added.