Aston Martin's interim loss widens but sticks to FY growth outlook

admin admin | 07-26 00:30

Shares in Aston Martin, which have fallen about 30% so far this year, jumped more than 7% in early trading.
Aston Martin reported a bigger first-half loss on Wednesday 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% so far this year, jumped more than 7% in early trading.

Aston Martin said first-half wholesale volumes fell 32% 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% 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 pounds (USD 279.4 million) for the six months ended June 30, compared with a loss of 142.2 million pounds 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.

Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.


ALSO READ

Ola Electric responds to ARAI notice, says prices of S1 X 2 kWh scooter unchanged

Ola Electric provided an invoice dated October 6, showing a INR 5,000 discount given to customers, a...

Hyundai Motor IPO’s off to a slow start

Around 35% of the total shares in the offering are reserved for retail investors, while QIBs and NII...

Under fire, Ola Electric taps EY India to get back on track

Close to a dozen executives from EY came on-board at Ola Electric a few weeks ago on deputation for ...

Tata Motors secures 5-star BNCAP safety ratings for Nexon, Curvv, and EV models in latest crash tests

Tata Curvv.EV BNCAP testTata Motors did it again! Tata Motors has once again secured 5 star rating i...

India needs to step up manufacturing to meet Viksit Bharat goal: Volvo Grp India MD

Volvo Group India Managing Director and President, Kamal Bali. The manufacturing sector is a weak li...

Dollar pullback to help Indian rupee, weak risk appetite to weigh

Investors are now nearly certain that the U.S. Federal Reserve will deliver a 25-basis-point rate cu...