Aston Martin hit by higher costs and launch delays

Aston Martin reveals a larger first-quarter pre-tax loss due to higher financing costs and delays in launching new car models.

Luxury carmaker Aston Martin (LSE: AML) suffered a wider-than-expected first-quarter loss due to increased financing costs and the timing of its latest car launches.

The company reported an adjusted pre-tax loss of £111 million for the quarter ended March 31st, 2024, compared to a loss of £57 million a year earlier. Analysts had anticipated a loss of £93 million.

Aston Martin attributed the loss to the wind-down of production for older models and the ramp-up for new ones, including the Vantage, DBX707, and an upcoming V12 flagship. Chairman Lawrence Stroll expects the company’s performance to improve as these new launches progress.

Shares in Aston Martin dropped over 10% at the open on Wednesday.

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