Aston Martin plunges further into the red with heavy losses
General
- GPblog.com
The British car manufacturer Aston Martin wasn't doing too well, but with the arrival of investors led by Lawrence Stroll, a new impetus was given to the company. Starting next year, Racing Point will also continue as the Aston Martin F1 Team, bringing the partnership with Red Bull Racing to an end. In the meantime, of course, the company is continuing and the corona pandemic is not helping.
Substantial losses
It is well known that Aston Martin was in the red and losses have increased over the past six months. Due to the corona-andemic, Aston Martin saw orders for cars decline sharply where production continued - at high cost - and the stock of cars also grew as a result.
The loss over the past six months amounts to £159.3 million. A year earlier, that loss was £39 million, so it is an extraordinarily sharp increase. The primary causes within this loss are due to showrooms that could not be used, the production of the DBX SUV and a drop in sales of no less than 41 percent.
For the time being, the loss has no impact on Aston Martin's Formula 1 ambitions at Racing Point and sales of the DBX are also looking good in China. So there is a bright spot at the end of the tunnel for the British car manufacturer. Aston Martin does expect to feel the effect of the current crisis well into 2021, according to the press release.