By Linda Hall •
Published: 02 Nov 2023 • 10:30
ASTON MARTIN: ‘Exceptional demand” for DB12 model
Photo credit: CC/MrWalkr
ASTON MARTIN announced that it will be delivering fewer cars than planned this year.
The company expects to sell 6,700 DB12 models instead of 7,000 after supply chain and software problems affected production of the sports cars produced at the Gaydon (Warwickshire) works.
Delays in DB12 deliveries were responsible for a £48.4 million (€55.6 million) loss in the third quarter of this year, compared with the £38 million (€43.7 million) that analysts had predicted.
Aston Martin shares went down by more than 15 per cent immediately after the November 1 announcement, falling to their lowest level since May.
Prices had rallied during the first six months of this year in the wake of deals with Geely in China and the US-bult Lucid, but dropped by more than 50 per cent since August.
Despite the third-quarter production delays, Aston Martin said that it can still meet its target of an annual £2 billion (€2.3 billion) in sales by 2025.
Chief executive Amedeo Felisa stressed “exceptional demand” for the DB12 and said that the company would be posting “significant growth” compared to last year, “driven by an increase in volumes as well as higher gross margin”, according to UK media reports.
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Originally from the UK, Linda is based in Valenca and is a reporter for The Euro Weekly News covering local news. Got a news story you want to share?
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