The car brand Aston Martin is gaining momentum these days with several new models. But it is expensive. In fact, it costs the British over DKK 13 million a day.
Aston Martin loses money – over 13 million kroner a day.
The British car manufacturer announced last week a loss of DKK 83 million before tax in the third quarter. Although it was better than expected, the ongoing losses mean that Aston Martin has spent 3.3 billion kroner this year. Or over 13 million kroner every single day.
These figures come after Aston Martin's updated sales forecast from September warned of reduced annual profits and a production cut of 1,000 cars. The reason was supply disruptions and less demand in China. So far, Aston Martin has reported a loss before tax of 1.8 billion kroner up to the end of September.
The number of cars delivered, which was last calculated on September 30, shows a drop in sales of 17 percent year-to-date from 4,398 cars last year to now 3,639 cars.
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Sales of the SUV DBX have fallen by 52 percent and now make up just 30 percent of total sales. At the same time last year, the sporty SUV accounted for more than half of all Aston Martin models sold.
The Times writes that.
Sales of Aston Martin's sports cars – the Vantage and DB12 – have increased by 16 percent compared to the previous year thanks to increased production of the Vantage. This number is expected to increase further when deliveries of the Vanquish begin later this year and into 2025.
Sales of the company's "Specials" – i.e. special models – which include Valour and Valkyrie have increased by 132 percent. Even so, this only corresponds to 90 cars.
The new figures mean that, according to the media, Aston Martin has given up on breaking even this year. The company has also taken out significant loans and increased its net debt by almost 50 percent to DKK 8.1 billion. It is about 40 percent higher than the entire company's value, writes The Times.
Despite the sales figures and the increased debt, managing director Adrian Hallmark is confident.
– Improved financial and operational performance in the third quarter of 2024 demonstrates the effectiveness of our strategy.
– We are on track to meet our revised full-year 2024 outlook, reflecting the necessary actions taken in September to adjust our production volume given supply disruptions, which we are proactively managing, and the weak macroeconomic environment in China , Hallmark said as recently as September 30 of this year.
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