Luxury car marker Aston Martin today revealed it has stemmed heavy losses last year after sales rose following the pandemic.
Bosses revealed pre-tax losses reduced to £213.8 million from £466 million in 2020, with revenues jumping 79% to £1.1 billion.
Lawrence Stroll, Aston Martin Lagonda Executive Chairman commented: “My second year as Executive Chairman of this iconic and great company has been another of significant progress. We have successfully transitioned our operating model to that of an ultra-luxury performance brand, with customer demand well ahead of supply. Our core business is strong and delivered to plan, with substantially improved profitability.
“We have strengthened our teams, adding more luxury and automotive experience to the Board, broadening relevant
experience at the executive level and substantially bolstering our operational and development teams. The return of the Aston Martin name to the Formula OneTM grid has dramatically increased our brand exposure, desirability and global awareness, in line with our growth ambitions.
The Aston Martin Valkyrie programme pushes the boundaries of what is possible to bring to market outside an F1TM racing environment. We inherited a challenging programme, and while it was disappointing that some deliveries were rescheduled from late 2021, following an in-depth review and now under a dedicated team we are confident of continuing to deliver these truly extraordinary vehicles to our customers with no compromises.
“We have a strong pipeline of extraordinary products to come with both DBX707 and V12 Vantage this year and a new
generation of front-engine cars for 2023. This high-performance new portfolio will command stronger pricing and profitability compared with the past, driving delivery of our financial targets. Our path to electrification is clear with three of our product launches in 2021 featuring hybrid technology, our first plug-in hybrid coming in 2024, our first battery electric vehicle targeted for launch in 2025 and all new car lines will have an electrified powertrain option by 2026.
“When I invested, I knew this transformation would take four to five years to recreate Aston Martin as the world’s most
desirable, ultra-luxury British performance brand. We have made very strong progress already and are well on plan to
achieve our ambitious goal.”