9:01 am, November 2, 2023
Aston Martin is expecting to make fewer vehicles this year than previously predicted because of delays relating to the DB12.
The luxury carmaker has had problems increasing production of its next-generation sports car and now reckons it’ll turn out 6,700 vehicles – 300 down on its previous forecast of 7,000.
The Gaydon-based manufacturer updated its annual outlook after delays linked to the new information and entertainment system restricted production capacity for its DB12, pictured.
However, it said: ‘Demand is very strong, with DB12 orders into the second quarter of 2024, and production is now running at the rates required to meet our volume expectations for the year.’
The rest of its outlook was unchanged.
Revenue rose by 15% year on year during the third quarter, hitting £362.1m for the three months to September 30, and its pre-tax loss almost halved from £225.9m to £117.6m.
The company’s shares dropped by 8.9% yesterday to end the day on 199.3p, although at one point they had plunged by 12%.
The production downgrade came despite the company increasing the number of cars it made during the first nine months of 2023 by 8% to 4,398.
Chief executive Amedeo Felisa said: ‘Our year-to-date performance has seen us continue to make progress on our strategic direction with strong revenue and margin growth.
‘During the third quarter, we commenced deliveries of the game-changing DB12, the first of our next-generation sports cars, which has been met with industry-wide acclaim and exceptional demand since its launch.
‘Given the slight delays in the initial production ramp-up, we have marginally updated our volume expectations for the year.
‘As we continue to transition the portfolio, we also delivered further sales of the sold-out DBS 770, which we expect to conclude during the fourth quarter.’
