Aston Martin Cuts Loss In 2021, Seeks More Car Sales This Year
Aston Martin cut its annual loss in 2021 as sales surged and said on Wednesday it expected further improvements this year as it launches new, more profitable models and plans to raise prices across its model line-up, Nick Carey reported for Reuters.
Photo Insert: The Aston Martin Valkyrie
The British luxury carmaker said it expected to see sales rise again in 2022, despite ongoing global supply chain disruptions that have accompanied the COVID-19 pandemic.
The company said last month its core earnings for 2021 were affected by delays in shipments of its limited-edition Valkyrie sports car. It said on Wednesday it expected to ship between 75 and 90 Valkyries in 2022.
Aston Martin reported an operating loss of 76.5 million pounds ($104 million) for 2021, versus 323 million pounds the previous year, as sales jumped 82% to nearly 6,200 units.
The carmaker added it planned to launch its first fully-electric vehicle in 2025 and that as of 2026 all-new car lines would have an electric option. Fictional secret agent James Bond's car brand of choice has had a tough time since floating in 2018, failing to meet expectations and burning through cash, prompting it to bring in fresh investment from billionaire Lawrence Stroll in 2020, who now serves as the company's executive chairman.
Aston Martin said it had started incorporating technology from shareholder Mercedes-Benz, which increased its stake in the struggling carmaker in 2020, but added there were "currently no plans to issue additional shares" to the German carmaker until early 2023.
That deal in 2020 expanded an existing supply agreement to give Aston Martin access to key Mercedes' technology, including hybrid and electric drive systems.