Aston Martin losses widen as supply chain issues hit production
UK luxury sportscar maker Aston Martin said first-half losses had widened as supply chain constraints hit production.
The company on Friday reported a pre-tax loss of £285.4m in the six months to June 30, compared with a loss of £90.7m a year ago.
It sold 2,676 vehicles wholesale, compared with 2,901 a year earlier. Aston Martin, which is pinning its hopes on the lucrative Chinese market, said it expected the supply chain issues to unwind in the second half and forecast higher sales after ramping up production of its DBX707 and the V12 Vantage.
"For 2022, we continue to expect to deliver significant growth on 2021 with an 8% increase in core volumes expected to deliver a 50% improvement in adjusted EBITDA from the core business," the company said.
"The global operating environment remains uncertain, with the war in Ukraine, intermittent Covid-19 lockdowns in China, continued supply chain and logistics disruptions, and raw material cost inflation. Our teams remain focused on minimising any impact on the company's financial performance."
Reporting by Frank Prenesti at Sharecast.com