Aston Martin has reported its financial results for 2024, and it's not rosy. The automaker lost even more money last year—£289.1 million ($366.1 million at today's exchange rate). That's up from the £239.8 million ($303.6) loss of 2023, and its debt has grown to over £1 billion ($1.27 billion), up 43 percent.
Company earnings fell 11 percent from £305.9 million ($387.3 million) to £271.0 million (343.1 million). However, CEO Adrian Hallmark said the company will now shift its focus to "operational execution and delivering financial sustainability" after a string of product launches, according to AJ Bell. The company plans to cut 170 jobs, or 5 percent of its workforce, which is part of Aston's plan to save £25 million (31.6 million).
The decline in earnings was coupled with a global decline in sales. They fell 8.9 percent in 2024, dropping from 6,620 to 6,030. Sales in China fell the most—16 percent—which is where many Western automakers struggled last year, big and small.
Hallmark also said that Aston needs to avoid "significant unnecessary costs and inefficiencies associated with delays and accelerated timelines." He added that the company must set achievable deadlines for future product launches.
The Valhalla, which Aston first teased in 2019, suffered significant delays during its development. It was supposed to enter production before the end of 2021, but that didn't happen. The company promises it'll arrive this year. The last thing Aston wants to do is disappoint its customers—it certainly can't afford to.
Source: AJ Bell
