ASTON Martin reported a bigger first-half loss on Wednesday (Jul 24) as the British luxury carmaker halted production of some old models ahead of new launches later this year, but reiterated guidance for hefty profit growth later this year.
The company said wholesale volumes will be heavily weighted to the second half of the year, resulting in “significant” year-on-year growth in core profit, reiterating its 2024 and medium-term guidance.
Shares in Aston Martin, which have fallen about 30 per cent so far this year, jumped more than 7 per cent in early trading.
Aston Martin said first-half wholesale volumes fell 32 per cent to 1,998 units, hurt by the group’s planned transition to new Vantage and upgraded DBX707 models, both of which entered production only at the end of the second quarter.
Volumes in China slumped 72 per cent compared with a year before, it added.
Aston Martin has launched several new cars over the past year, including its next-generation sports cars the DB12 and Vantage.
The Gaydon, UK-based company reported a pre-tax loss of £216.7 million (US$279.4 million) for the six months ended Jun 30, compared with a loss of £142.2 million reported a year earlier.
On Tuesday, German luxury sports car maker Porsche AG cut its sales and profit outlook due to an unexpected aluminium alloy supply shortage. REUTERS
