Aston Martin posted a deep first-quarter loss after sales dropped by nearly a third due to the impact of the coronavirus crisis, though the luxury car maker said production of a crucial sport utility vehicle was on track.
) posted a deep first-quarter loss after sales dropped by nearly a third due to the impact of the coronavirus crisis, though the luxury car maker said production of a crucial sport utility vehicle was on track.
Aston Martin, popular for being James Bond’s carmaker of choice, suffered a torrid time since it floated in October 2018, seeing its share price tumble from 19.00 pounds to around 40 pence. The pandemic hit demand and forced factories around the world to suspend production. However, Aston resumed operations as its Welsh plant last week but not at its other site located in southern England as yet.
The company posted a pre-tax loss of 119 million pounds , compared with a loss of 17 million pounds last year, and said it could no longer provide an annual outlook. Its full-year loss in 2019 came in at 104 million pounds.The carmaker said production of its DBX SUV, which is key to boost volumes and appeal to new buyers including more women, was on track and had a strong order book.
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Aston Martin posts deep loss as coronavirus outbreak hits salesAston Martin posted a first-quarter pretax loss of 119 million pounds ($146 million) after sales dropped by nearly a third due to the impact of the coronavirus outbreak and the destocking of dealers, the carmaker said on Wednesday.
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