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Aston Martin H1 losses narrow, underpinned by DBX sales

By Michele Maatouk

Date: Wednesday 28 Jul 2021

Aston Martin H1 losses narrow, underpinned by DBX sales

(Sharecast News) - Luxury car maker Aston Martin posted a narrowing of its first-half losses on Wednesday as revenues surged, thanks in part to its first sport utility vehicle, the DBX.
In the six months to 30 June, pre-tax losses narrowed to £90.7m from £227.4m in the same period a year ago, while revenue jumped 242% to £498.8m. Meanwhile, total wholesale volumes rose 224% to 2,901.

Aston Martin said it delivered more than 1,500 DBXs, representing over half of vehicles sold.

Chief executive Tobias Moers said: "We have performed well in the first half of the year as we continue to deliver results in-line with our plans to improve profitability.

"Demand and pricing dynamics remain strong and I am particularly pleased that we are now operating with the right supply to demand balance for our products, earlier than we had originally expected."

The company said it was still on course to sell 6,000 cars in the year.

Executive chairman Lawrence Stroll said: "The demand we see for our products, the new product pipeline and the quality of the team we have in place to execute, gives me great confidence in our continued success as we progress towards achieving our medium-term targets of 10k units, £2bn revenue and £500m of adjusted EBITDA, as we transform Aston Martin to be one of the greatest ultra-luxury car brands in the world."

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