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Hundreds of Aston Martin cars remain unfinished amid supply chain struggles

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hundreds of Aston Martin supercars were left unfinished as the beleaguered luxury carmaker struggles to procure parts amid supply chain struggles caused by the Chinese blockade and the war in Ukraine.

Aston Martin said more than 350 cars were waiting for parts by the end of June, causing the firm to lose £80m of its cash reserves.

The iconic British brand and James Bond Favorite posted its eighth consecutive half-year loss, driven by a £134m write-down due to currency fluctuations.

Revenues rose 9% to £499m, helped by sell-off demand for the new V12 Vantage sports car and enthusiasm for the new DBX707 SUV. The company said it had delivered 27 of its Valkyrie supercars worth £2.5m.

Aston Martin CEO Amedeo Feliso said: “With the supply chain issues that affected our performance in the first half expected to ease, we are now focused on accelerating the delivery of the DBX707 while continuing to ramp up Aston Martin Valkyrie production and transitioning to our next generation. sports cars”.

Feliso was appointed CEO in May after the previous CEO, Tobias Moers, saw his salary cut last year as a result of negative investor reaction to bonuses.

Shares in Aston Martin rose 2.3% to 480p. Since the beginning of the year, the share price has fallen by 65%.

Aston Martin received a £650m investment from Saudi Arabia earlier this month in a bid to help pay off its significant debts. Saudi Arabia’s sovereign wealth fund is now the company’s second-largest shareholder, behind the 22% stake held by Canadian billionaire Lawrence Stroll.

In January 2020, Stroll, 63, led a group of investors to take a £182m stake in a bid to rescue the struggling carmaker, after which he became executive chairman. According to Forbes, Stroll’s fortune is $2.9 billion.

Hundreds of Aston Martin cars remain unfinished amid supply chain struggles

Source link Hundreds of Aston Martin cars remain unfinished amid supply chain struggles

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