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Aston Martin shares plunge after a fall in sales

Aston Martin shares plunge after a fall in sales
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Shares in Aston Martin have dropped significantly and is taking immediate action to help improve efficiency and cut costs. Car sales fell by 22% in the UK and by 28% in Europe, the Middle East and Africa in Q2 this year.  

Shares of Aston Martin fell by 23% to £8 after the company said the car market had become worse since may. Aston Martin’s market value has more than halved to £1.8bn since October.  

Mr Palmer said: “Whilst retails have grown by 26% year-to-date, our wholesale performance is adversely impacted by macroeconomic uncertainty and enduring weakness in UK and European markets.

“We are disappointed that short-term wholesales have fallen short of our original expectations, but we are committed to maintaining quality of sales and protecting our brand position first and foremost.”

“We want the dealer inventory to be tighter to ensure that as we move to DBX dealers have the funding lines to take those cars,” he said. “We need to clear the ground for the DBX launch … making sure we absolutely succeed with DBX. As we look forward we see reasons to be cautious, not optimistic. It is always more prudent for us to underproduce cars than overproduce and undersell.”

The company hopes that the DBX model will become the most popular model of theirs which will help double production. The model is to be launched in December.  

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