• Car Dealer Plus
No Result
View All Result
  • Latest
  • Used Cars
  • Live
  • Forum
  • Power 2020
  • UCA 2020
  • UCA 2021
  • CDX
  • Knowledge
  • Suppliers Guide
  • About Us
  • Latest Issue
  • Top 100
  • CD Plus
  • Latest
  • Used Cars
  • Live
  • Forum
  • Power 2020
  • UCA 2020
  • UCA 2021
  • CDX
  • Knowledge
  • Suppliers Guide
  • About Us
  • Latest Issue
  • Top 100
  • CD Plus
No Result
View All Result

Aston Martin warns over coronavirus hit to Chinese market as losses mount

Car Dealer Magazine by Car Dealer Magazine
February 27, 2020
0
Home News

ASTON Martin Lagonda has warned that the coronavirus outbreak could hit demand and supply in its key Chinese market as the troubled luxury car maker posted widening annual losses.

The group confirmed it has seen some disruption to supply of components from China, and warned of a possible impact on the overall supply chain and customer demand.

China was its fastest-growing market last year and accounted for nine per cent of total wholesales.

But the group – known for making James Bond’s cars of choice – gave assurances that it has secured supply until at least the end of March and had not yet seen any impact on production.

Full-year results showed pre-tax losses widened to £104.3 million in 2019, against losses of £68.2 million the previous year, while the group also confirmed plans for a £500 million investor cash call as it seeks to secures its future.

Aston Martin said sports car wholesales are expected to be ‘materially lower’ in 2020, which will affect first-half sales.

It added that underlying earnings will be ‘almost entirely’ weighted to the final six months due to deliveries of its DBX and Specials.

Aston is overhauling the firm and cutting costs to turn around its performance, while also selling a £182 million stake to a consortium led by a Canadian billionaire as part of a major fundraiser.

It will raise a total of £500 million through the group’s investment as well as a £317 million rights issue supported by major shareholders.

A consortium led by Lawrence Stroll, owner of Formula One team Racing Point, has purchased a 16.7 per cent stake, with the option of increasing to 20 per cent once the rights issue takes place.

Andy Palmer, Aston Martin Lagonda president and group chief executive, pictured, said: ‘2019 was an extremely challenging period for the company.’

But he added: ‘We have revised our business plan to reset, stabilise and de-risk the business, positioning it for controlled, long-term profitable growth.

‘We are focused on turning around performance, restoring price positioning by operating a pull versus push model, reducing dealer inventories to a luxury norm and delivering a more efficient operational footprint.’

MORE: Charles takes Aston Martin DBX for a spin during visit to South Wales factory

MORE: Formula One billionaire buys £182m stake in troubled Aston Martin

Related Posts

Do It 4 Ben – Breakout For Ben
News

Breakout for Ben virtual challenge raises £159,000 towards £1m funding gap

March 5, 2021
VW ID.3
News

There’s something in the air – Volkswagen’s electric ID cars to get updates online

March 5, 2021
Reading Crown Court, via PA, Nov 2020
News

Prestige dealership owner and wife must fork out nearly £60,000 for wrecking listed mansion

March 5, 2021
Nissan Leaf charging on the road
News

Investigation: Incentivising used electric car buyers with govt-backed interest free loans could hugely boost adoption

March 5, 2021
Used Car Prices
News

Exclusive: Find out what the fastest and slowest selling used cars in February were on Auto Trader

March 5, 2021
Scales of Justice
News

Man to face trial after denying setting fire to seven cars at used car dealership

March 5, 2021

Want the latest news?

Sign up to Car Dealer's daily news email updates

Subscribe
How many car dealerships does each manufacturer have in the UK? Car Dealerships Locations List 2021 revealed
News

How many car dealerships does each manufacturer have in the UK? Car Dealerships Locations List 2021 revealed

February 24, 2021
Used Car Awards with Mike Brewer and James Baggott graphi
News

Who won what at the Used Car Awards 2020? Mike Brewer reveals our winning car dealers

February 11, 2021
Car Dealer issue 156 front cover and Used Car Awards
Online Magazine

Out now: Car Dealer issue 156 features our Used Car Awards, H.R. Owen CEO Ken Choo and lots more

February 23, 2021
Used car market stronger than ever as August sees sales up by nearly 50 per cent for Big Motoring World
News

Opinion: Here are 10 reasons why I think there’ll be a rapid recovery in car sales when lockdown ends

February 16, 2021
Trophy Cars forecourt
News

Investigation: Meet the hyper-specialist car dealers making their money from weird and wonderful motors

February 11, 2021
Become a Car Dealer Plus member and get more out of this website including free legal advice
News

Become a Car Dealer Plus member and get more out of this website including free legal advice

January 15, 2021
Car Dealer Top 100 – The list in full of the most profitable car dealers in the UK
Car Dealer Top 100

Car Dealer Top 100 – The list in full of the most profitable car dealers in the UK

February 10, 2021
Bitcoin ATM terminal
News

Will car dealers in the UK accept Bitcoin for payment? Dealers speak out after Tesla plans to accept cryptocurrency 

February 18, 2021
  • Latest
  • Used Cars
  • Live
  • Forum
  • Power 2020
  • UCA 2020
  • UCA 2021
  • CDX
  • Knowledge
  • Suppliers Guide
  • About Us
  • Latest Issue
  • Top 100
  • CD Plus
Call us: 020 8125 3880

© 2020 Blackball Media

No Result
View All Result
  • Car Dealer Plus
  • Latest
  • Used Cars
  • Live
  • Forum
  • Power 2020
  • Used Car Awards 2020
  • Used Car Awards 2021
  • CDX
  • Knowledge
  • Suppliers Guide
  • About Us
  • Latest Issue
  • Top 100

© 2020 Blackball Media

Log In
Register
Register
Server C