Shares in sports car maker Aston Martin Lagonda were sent sharply into reverse today after the manufacturer warned of production setbacks.
The Warwickshire based marque beloved by James Bond said the ramp up of production of its new £185,000 DB12 super tourer was “temporarily affected as supplier readiness and integration of the new EE platform that supports the fully redeveloped infotainment system was delayed.”
Deliveries of the DB12 began last quarter and the company now expects 2023 volumes to be 6,700 units, down from a previous projection of around 7,000 units.
The shares were punished with a 14% fall to 188p, the lowest level since February.
In a trading update the company said revenues in the first nine months of the year were up 21% at £1.04 billion, while the pre-tax loss was halved from £522.3 million to £259.8 million.
CEO Amedeo Felisa, said: “Given the slight delays in the initial production ramp up we have marginally updated our volume expectations for the year.”
But executive chairman Lawrence Stroll said: “Our 110th anniversary year continues to be a fantastic one for the company, and we are delighted with the strategic and financial progress we have made during the first nine months of 2023. Our volumes, pricing, gross margins and EBITDA are showing strong improvement and we are delivering an accelerated industrial turnaround.
“The launch of the DB12, which has seen extraordinary demand, is driving a reappraisal of Aston Martin amongst new audiences, with 55% of initial DB12 customers new to the brand and when we launch our second next generation sports car in Q1 next year, we expect a similarly resounding response.”
