The British luxury sports car manufacturer, best known for its long running association with the James Bond spy movie franchise, has sunk into financial collapse even further last year.
The company is now promising its efforts to push for a revival of the luxury brand remain on track – aiming to deliver both a crossover based off the DBX concept and electric supercars in the near future. But losses tripled last year compared to 2013 as deliveries continued to slide – and the announcement came soon after last week the company said it would cut around 300 jobs – it posted a pre-tax loss of 72 million pounds, compared to 25 million in the year before. New chief executive Andy Palmer is now facing a massive challenge to turn around the privately held company, one of the last luxury marquees to remain independent and lack the backing of a major automotive group.
Last year’s auto sales at Aston Martin only reached around 3,500 units – which is less than half the peak of 7,300 registered in 2007 and also significantly lower than the 4,200 figure set in 2013. The delivery drop came partially because of a issue in China, where it had to cease the sale of its autos while authorities investigated a recall triggered by faulty accelerator pedals. Revenue also slid 10 percent to 468 million pounds and the operating result went from posting a 1.5 million pounds profit in 2013 to an 18 million pounds loss last year. The Aston Martin decline goes around the luxury sales current – with IHS Automotive revealing that global premium auto sales have been soaring and particularly the ultra-expensive segment has seen a 150 percent jump since 2009.
Via Financial Times