Aston Martin triples losses in the first quarter of the year as it looks towards electrification

Aston Martin is not going through its best financial moment. The British firm has reported some net losses of 133 million euros in the first quarter of this year due in part to interest payments and the devaluation of the pound; almost triple that in the same period of 2021.

The red numbers and the obligatory roadmap towards the electric car have pushed Aston Martin to replace the CEO, Tobias Moers.

Despite the red numbers, the brand has invoiced 276 million euros between January and March, almost 4% more than in 2021 due, according to the company’s president, Lawrence Stroll, to an “exceptional” demand, “sports out of stock for the year and DBX orders at 60%”.

As explained Financial Timesthe billing is due to a increase in sales prices during the quarterfrom 176,000 euros to 178,000 euros.

And as a backdrop for the whole industry, the war in the Ukraine, the problems in the supply chain, the rising cost of raw materials.

Aston Martin

Delays in the manufacture and delivery of the new Aston Martin Valkyrie – only 10 units have been delivered to date – have not helped either.

This situation has led Aston Martin to carry out a change in management and to review its corporate management. Thus, Tobias Moers, who was fired two years ago from Mercedes AMG by president Lawrence Stroll, will leave the management immediately and will be replaced by the former CEO of Ferrari, Amedeo Felisa.

Amedeo Felisa
Amedeo Felisa.

A movement that pushed up the shares, which fail to provide benefits after the company’s tepid entry on the London Stock Exchange in 2018.

In this scenario, the luxury firm continues its roadmap towards the obligatory electrification with new models.

The first will be the Valhalla, the supercar with a plug-in hybrid engine whose first deliveries are scheduled for 2024. After it, it will be followed in 2025 by the first Aston Martin equipped with an electric drive.

Source: Motorpasión by

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