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    Home»Zero2Turbo»Aston Martin Cuts Sales Target For This Year By 1000 Cars
    Zero2Turbo

    Aston Martin Cuts Sales Target For This Year By 1000 Cars

    By Zero2TurboSeptember 30, 2024No Comments
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    Aston Martin’s stock price tumbled as much as 28% on Monday after the British luxury carmaker warned of lower annual profit and slashed its production forecast. The company cited supply chain disruptions and continued weakness in the Chinese market for the cuts.

    This news adds Aston Martin to the growing list of European automakers struggling in China, the world’s largest car market. The company had previously halted production of older models, anticipating a ramp-up in new models would drive growth and cash flow in the latter half of 2024.

    “Near perfect execution was required to meet the company’s ambitious 2024 plan. However, it has become clear that we need to take decisive action to adjust our production volumes for 2024,” new CEO Adrian Hallmark said in a statement.

    Analysts at JPMorgan believe the new management team has its work cut out for them. Rebuilding investor confidence in near-term financials, execution abilities, and overall business potential will be crucial moving forward. The warning raises questions about Aston Martin’s long-term goals, its capabilities as a standalone business, and ultimately, its fair market value.

    Aston Martin also announced it no longer expects positive free cash flow in the first half of the year. To address production delays caused by late component deliveries from suppliers, the company is reducing its 2024 wholesale volume target by 1,000 vehicles.

    A growing number of late component arrivals due to disruption at several of its suppliers meant more cars were taking longer to complete and deliveries were getting delayed, Aston Martin said.

    Source: Reuters

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