Aston Martin Expects Better 2021 Sales after Deep Losses

Carmaker Aston Martin said a turnaround plan would see it takes the first steps towards profitability and boost sales this year after a deep loss in 2020 when the firm raised fresh funding, changed boss and was hit by the pandemic.

Aston went further into the red with a 466-million pound ($660 million) loss last year, compared with 120 million pounds in 2019, as sales to dealers fell by 42% to 3,394 vehicles, also hit by the closure of showrooms and factories due to COVID-19.

In 2021, it expects “to see the first steps towards improved profitability” and on Thursday maintained an outlook of around 6,000 sales to dealers as a new management teams turns around the company’s performance.

Popular for being James Bond’s carmaker of choice, the firm has had a difficult time since it floated in 2018 as it failed to meet expectations and burnt through cash, prompting it to seek fresh investment from billionaire Executive Chairman Lawrence Stroll.

“I am extremely pleased with the progress to date despite operating in these most challenging of times,” he said.

The company said demand for its first sport utility vehicle, the DBX, which rolled off production lines in 2020, was strong as it enters a lucrative segment of the market where it hopes to widen its appeal.

Reuters

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