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Aston Martin narrows loss on strong DBX demand | Automotive News

The DBX, which went in production just over a year ago, accounted for more than half of the sales.

Aston Martin racked up losses and debt after going public in 2018 and has spent the last year restructuring after a rescue by Canadian billionaire Lawrence Stroll, who took over as chairman.

The 62-year-old fashion mogul injected much-needed cash, pared bloated vehicle inventory and forged closer ties with Daimler’s Mercedes-Benz to ensure the company survives tumultuous times for the auto industry.

“The demand we see for our products, the new product pipeline and the quality of the team we have in place to execute, gives me great confidence in our continued success,” Stroll said Wednesday in a statement.

In October, Aston Martin reached an agreement for Mercedes to supply hybrid and electric components to the UK company, expanding on an engine tie-up that started in 2013. Mercedes will boost its stake in the automaker from 2.6 percent to as much as 20 percent over three years.

Aston Martin will begin shipping the new Valkyrie hypercar in the second half of the year.

Earlier this month, the company unveiled a production version of its Valhalla supercar, its first plug-in hybrid. The 937-hp mid-engine model will go into production in 2023, with prices expected to be more than 600,000 pounds.

Reuters and Bloomberg contributed to this report.

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