Home Business NewsBusinessAutomotive News Aston Martin downgrades production

Aston Martin downgrades production

by LLB Reporter
1st Nov 23 2:19 pm

The luxury car maker Aston Martin have announced that they expect to produce around 300 less cars this year than previously forecast.

Aston Martin think that they will produce 6,700 cars during the year compared to 7,000 which was forecasted, which has pushed shares down by around 12%.

The company said: “Demand is very strong with DB12 orders into the second quarter of 2024 and production is now running at the rates required to meet our volume expectations for the year.”

Revenue increased 15% to £362.1 million with a pre-tax loss of £225.9 million to £117.6 million.

“Our year-to-date performance has seen us continue to make progress on our strategic direction with strong revenue and margin growth,” said chief executive Amedeo Felisa.

“During the third quarter we commenced deliveries of the game-changing DB12, the first of our next-generation sports cars which has been met with industry-wide acclaim and exceptional demand since its launch.

“Given the slight delays in the initial production ramp-up we have marginally updated our volume expectations for the year.

“As we continue to transition the portfolio, we also delivered further sales of the sold-out DBS 770 which we expect to conclude during the fourth quarter.”

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