Aston Martin had a larger loss than expected in the first three months of this year. The British luxury carmaker didn’t make as many cars as people thought, and they spent more money than expected, which made their shares drop by 7%.
Aston Martin has been introducing new cars like the DB12 and Vantage. They stopped making the old models to focus on making more of the new ones. The Chairman, Lawrence Stroll, said this is part of their plan for change.
The company’s shares went down by 14% at one point, the lowest since November 2022. Even though the second quarter might be similar to the first, the company still expects to meet its goals for 2024.
Some experts think this could cause problems for Aston Martin. In March, they announced a new CEO, Adrian Hallmark, who will take over later this year. The finance chief, Doug Lafferty, believes their plans won’t change much with the new CEO. They want to focus on launching new cars, making money, and building momentum for the future.
Aston Martin’s losses were bigger than last year, reaching £111 million ($138 million). People were expecting a loss of £93 million. They also didn’t sell as many cars as expected, and they spent more money than they earned.
Aston Martin plans to release its new V12 sports car with a new engine later this year. They delayed their first electric car until 2026.
