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British Automaker Aston Martin Anticipates This Year’s Profit To Be 10% Lower.
The British automaker Aston Martin expects a profit of 335.5 million euros in 2024, which is ten percent less than last year’s profit, which amounted to 365 million euros.
The company, which gained its reputation with the help of the James Bond franchise, cited “partial delays” in the delivery of the exclusive Valiant model as the cause of its problems. Aston Martin issued its first profit warning back in September when the main cause was the slowdown in the Chinese economy, which affected lower sales of luxury cars.
For the car manufacturer to recover financially, it will issue shares and bonds in the amount of 250 million euros.
“These measures will help our growth, and they will allow investment in the development of new products,” said Adrian Hallmark, chairman of Aston Martin, adding, “We are already preparing the company for the future.”
The company says it plans to ship half of the thirty-eight Valiant models by the end of the year, though it previously said it would ship the majority. Aston Martin sold 6,620 vehicles last year, a fifth of which landed in the Asia-Pacific region. Due to problems with suppliers, the company should make about 1,000 fewer vehicles this year than last year.
