Losses balloon at Aston Martin after sales of its luxury cars nosedive
Losses ballooned at Aston Martin after sales of its luxury cars nosedived.
The Warwickshire-based group sold 1,770 cars in the first six months of 2020, when dealers were closed for months because of the coronavirus pandemic and potential buyers were keen to rein in spending.
Struggle: Sales were down 41 per cent compared with the same period of last year
Sales were down 41 per cent compared with the same period of last year. And it shifted just one of its so-called ‘special’ cars – a £2.75m DB5 Goldfinger Continuation which comes complete with a rear smokescreen and replica machine guns.
Last year it sold 36 ‘specials’.
Revenues sank 64 per cent to £146m and its loss spiralled from £80m in 2019 to £227m. The company, which had to be rescued by Formula 1 billionaire Lawrence Stroll at the start of the year, also revealed an accounting error caused it to understate its loss in 2019.
Last year it made a £70.9m loss – which was £15.3m higher than the £56.6m it originally reported.
Despite the mushrooming losses, low sales and account- ing fumble, Aston shares spiked 13 per cent, up 6.4 per cent, to 56p.