Aston Martin Losses Mount But Investors Still Hope For DBX Rescue

Aston Martin Vantage (AP Photo/Jae C. Hong)

ASSOCIATED PRESS

Of all the James Bond movies you’ve seen starring a British Aston Martin luxury sports car were you ever inspired to go out and buy one? Or perhaps know someone who did?

Almost certainly not, given a starting price of over 130,000 pounds ($150,000) for the cheapest Aston, the Vantage. But Aston Martin CEO Andy Palmer, after presenting another set of poor financial results, told the Financial Times he expects sales to be helped by the new James Bond film, which is set for release in the first half of next year and stars 4 Aston Martin models.

But luckily for Aston Martin shareholders, by then its new make-or-break SUV, the DBX, will have been launched, and hopefully will be notching up hugely profitable sales. The DBX will be unveiled in Beijing on November 20, and the choice of China for the maximum publicity launch site tells you all about where its biggest market will be.

Palmer had announced that Aston Martin made a loss in the 3rd quarter of 13.5 million pounds ($17.3 million) compared with a profit of 3.1 million pounds ($4 million) in the same period last year. In the second quarter it made a loss of 79 million pounds ($101 million). For the first 9 months of 2019 pre-tax losses hit 92.3 million pounds ($118 million) compared with a 23.9 million pound ($30.6 million) profit in the same period last year.

Aston Martin has tried to cut costs and reduced investment this year to 300 million

Keep reading this article on Forbes Business.

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