The UK-based car manufacturer Aston Martin has outlined radical plans in a bid to boost sales and turn a profit in the near future.
The famous performance brand is well known by petrolheads around the world, however has recently failed to turn a profit, reporting pre-tax losses of £12.2 million during the third quarter of 2024.
Nevertheless, Adrian Hallmark, Aston Martin’s new chief executive, has announced new plans to reduce debt, putting more focus into quality and new models.
He explained: “Having only joined Aston Martin in September, I can already clearly see growth opportunities for the company as we bring incredible products to market.
“We will drive profitability through a forensic approach to cost management and unrelenting focus on quality with a more balanced delivery profile in the future for our full range of new core models.”
Whilst an overall pre-tax loss of £228.9 million was announced in September 2024, the third quarter of the year saw a growth in Aston Martin sales.
The company, which produces its models in Gaydon, Warwickshire and St Athan, Wales, sold 1,641 cars during the three-month period, with demand in the DB12 range rising.
Nevertheless, Aston Martin has admitted that factors such as supply chain problems and a slump in sales in China will impact overall sales figures compared to previous years.
To help boost sales in future years, Adrian also noted that revive a number of the models made by the company, giving customers more customisation options.
He continued: “We will deliver our fully reinvigorated portfolio to market efficiently and maximise the considerable commercial potential, including greater personalisation opportunities, to further strengthen the order book.
“We are on track to meet our revised full year 2024 guidance, which reflects the necessary action taken in September to adjust our production volumes given supplier disruption, which we are proactively managing, and the weak macroeconomic environment in China.”
Adrian Hallmark, who is Aston Martin’s fourth CEO since 2020, previously managed Bentley, where he saw sales increase to record levels thanks to radical new models, such as the Benteyga SUV.
With luxury SUVs growing in popularity on the new car market, it is likely that the boss will prioritise focus on making the Aston Martin DBX more attractive to potential buyers.
Introduced in 2020, the company’s first SUV model is known for its attractive styling and fun driving style but has been criticised for its thirsty engine and lack of driver-assistance check, with sales falling by 52 percent during the third quarter of 2024.
