Car manufacturer Aston Martin saw sales slump by 32 per cent last year – despite the introduction of the new DBX SUV.
Announcing its annual results to the Stock Market this morning, the car maker said retail sales fell to 4,150 units last year, down from the 6,136 the year before.
However, the company said it is targeting annual sales of 10,000 units a year, revenue of £2bn and EBITDA profit of £500m by 2024.
The ‘Project Horizon’ plan includes spending out on ‘revitalising’ its front-engine sports car range, expanding its SUV portfolio further and launching a new mid-engine range of cars.
In 2020, the company booked a £70m EBITDA loss, but when adjusted that rose to a loss of £224.9m for the year compared to a loss of £9.9m the year before.
Revenue fell to £611m compared to £980m in 2019.
Lawrence Stroll, executive chairman said: ‘2020 has been a transformative year for Aston Martin.
‘Since I became executive chairman in April, we have made significant progress to position the company for success to capture the huge and exciting opportunity ahead of us.
‘We have appointed a world-class executive leadership team with deep experience of this industry.
‘I am extremely pleased with the progress to date despite operating in these most challenging of times.
‘I, and my co-investors, are fully committed to delivering this plan and are confident in the future success of Aston Martin as we transform the company to be one of the greatest luxury car brands in the world.’
Tobias Moers, chief executive, said his priority has been launching the DBS and he said ‘demand has been strong’ with 1,516 units wholesaled.
He added: ‘All dealers now having their demonstrator and floorplan models.
‘Actions were already underway on rebalancing supply to demand for GT and sports cars, where we have made tremendous progress and are ahead of plan with encouraging signs for demand.
‘Finally, specials are integral to our plan. The era defining Aston Martin Valkyrie is a priority this year and we are on track for deliveries to start in the second half.’
Moers, who joined from Mercedes Benz, said the relationship with his former employer would play a key part in Aston’s future.
He added: ‘Our future product plans are underpinned by the landmark strategic cooperation agreement signed with Mercedes-Benz AG giving access to customisable and world-class technology, including hybrid and electrified powertrains.
‘This enables us to focus our development time and investment on the areas that will truly differentiate our products.’
This year Aston Martin plans to wholesale 6,000 cars. Valkyrie deliveries will begin in the second half of the year.
- Join our breaking news WhatsApp group
- Listen to the latest Car Dealer Podcast
- List of the Top 100 profitable car dealers in the UK