Aston Martin is to make 1,000 fewer vehicles this year, blaming disruption in its supply chain and challenges in China.
The luxury carmaker warned profits will be lower this year than in 2023 as delays in deliveries of key components causes upheaval on production lines.
It comes just weeks after former Bentley boss Adrian Hallmark joined Aston Martin as chief executive, tasked with overseeing the carmaker’s turnaround plan.
Mr Hallmark said on Monday: “It has become clear that we need to take decisive action to adjust our production volumes for 2024 given a combination of supplier disruption, the weak macroeconomic environment in China and a proactive decision to strategically re-align our production plans to optimise efficiency and achieve a more balanced delivery cadence in the future.”
Aston Martin delivered just 1,998 cars in the first half of 2024, nearly one-third fewer than the same period last year, while it also said in July that pre-tax losses widened to £216.7m, down from £142.2m.
The firm is in the middle of a multi-year turnaround effort kicked off by Lawrence Stroll, the billionaire who became its chairman in 2020 after taking a controlling stake in the firm.
Mr Stroll has already had to bring in new shareholders such as Saudi Arabia’s Public Investment Fund in recent years to help bankroll the carmaker.
The company has been gearing up to offer a new line-up by the end of the year. Its strategy has included boosting production of its new Vantage model, its upgraded DBX SUV and an upcoming sports car featuring a V12 engine, as well as a fourth “special” in the final quarter.
Mr Stroll has argued that the carmaker must change its strategy from selling cars wholesale back to a made-to-order model to become profitable again.
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