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Aston Martin shares crash amid falling sales

by LLB Reporter
24th Jul 19 11:50 am

James Bond’s Aston Martin became the latest manufacturer to report falling sales across Europe  leading to their share price plunge by more than 20%.

The car manufacturer reported on Wednesday a 22% drop in sales to UK car dealers and 28% drop across the rest of Europe, the Middle East and Africa.

Aston Martin said it now expects annual wholesale volumes to be between 6,300 to 6,500 vehicles, compared with an earlier forecast of 7,100 to 7,300 vehicles.

“We are disappointed that short-term wholesales have fallen short of our original expectations,” Chief Executive Andy Palmer said. “We are today taking decisive action to manage inventory and the Aston Martin Lagonda brands for the long-term.”

“The challenging external environment highlighted in May has worsened, as have macro-economic uncertainties,” the company said. “We anticipate that this softness will continue for the remainder of the year and are planning prudently for 2020.”

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