Investors hoping sales have accelerated at Aston Martin
The manufacturer saw sales fall by 41 per cent, to 1,770 vehicles, in the first half of the year with revenues dropping to £146 million from £406m a year previously. New boss Lawrence Stroll has been dealing with the huge task of turning the ailing business around, with a strategy focused on its new DBX SUV, as well as its involvement in Formula 1.
In October, Aston announced a £1.3 billion refinancing package that involves a 20 per cent stake taken by Mercedes, which has helped boost sentiment in recent months.
The investment will provide support to the UK firm in areas such as developing hybrid electrification technology, and management is looking to target the sale of 10,000 vehicles a year by 2025. At the same time, Aston Martin said the pace of recovery in sales of its cars was likely to vary on a region-to-region basis, particularly at a time when Covid-19 restrictions have hindered demand.
Michael Hewson at CMC Markets pointed out that last year, the firm only sold 324 of its flagship Vantage coupes, a decline of 67 per cent, and much now hinges on its DBX SUV model.
“A lot of faith appears to be being put into the new DBX; however most Aston Martin owners are probably not your typical SUV buyer,” he added.
The model, priced at around £160,000 in the UK, will compete against other ultra-luxury SUVs such as Lamborghini's Urus, Bentley's Bentayga and Rolls-Royce's Cullinan.
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