William Malcolm

Aston Martin Losses Soar To £466M

Last year, the British luxury car manufacturer Aston Martin lost 466 million pounds, about 14 billion crowns, from 120 million pounds in the previous year. Last year, the company, like other carmakers, faced the negative effects of coronavirus spread. However, the company also stated that it expects a significant increase in sales and a gradual improvement in management this year.

Retail sales of Aston Martin cars fell 32 percent last year to 4,150 vehicles. “COVID-19 influenced the activities of retailers and consumer demand,” the company said. “In the fourth quarter, the results improved significantly compared to the third quarter, but remained below the level of the same period of the previous year,” she added.

The carmaker also announced that it delivered 3,394 cars to dealers last year, 42 percent less than in the previous year. However, she confirmed that she expects sales to increase to around 6,000 cars this year. The company’s shares gained about ten percent in response.

Aston Martin was founded more than 100 years ago, and its cars are made famous, among others, by the fictitious secret agent James Bond. However, the company has been facing losses in recent years.

Last year, therefore, it launched a reorganization program called Project Horizon. “We expect to see the first steps to improve profitability in 2021,” the company said today.