According to Khabar Khodro, Aston Martin Lagonda Ltd posted
a pre-tax loss of £118.9 million in the first three months of this year, with
sales falling by nearly half due to the impact of the Covid-19 crisis – but the
firm insists the crucial new DBX SUV remains on track to go on sale this
The British firm sold 578 cars from January until the
end of March, a 45% drop from the 1057 in the same three months of 2019.
Notably, the average selling price of each car was £98,000, compared with an
average of £160,000 in 2019. The firm attributed that to not having any
limited-run special models on sale in the quarter.
Aston was hit hard by coronvirus lockdowns in place in
China and other Asian countries for much of January and February. Sales in the
region were down 74%, with those in China falling by 86%.
In the UK, sales fell only 3%, due to the lockdown only
beginning in late March. Notably, sales in the US were down by 57%, despite
restrictions there only being introduced in March. Aston Martin chiefs
attributed some of the total decline in sales to a planned step to reduce
dealer stock to balance its supply and demand.
The fall in the number of cars sold and their asking
price meant Aston’s first quarter revenue of £78.6m was 60% down on the same
period in 2019. The pre-tax loss of £118.9m compares with a £17.3m loss in
During the first quarter, 93% of Aston’s dealer network
was either forced to close or was limited in capacity, and production was
suspended at all Aston factories during March. But the firm says all 18 dealers
in China, and more than 15% worldwide, are now fully open.
Aston also resumed production at its St Athan plant,
where the new DBX is produced, on 5 May. The firm says it remains on track to
begin deliveries of the SUV this summer.
During the quarter, a group led by billionaire Lance
Stroll completed an investment in the firm that raised £536m in equity capital.
As part of that deal, Stroll was named Aston’s new chairman.
Stroll said: "I am extremely pleased that DBX remains on
track for deliveries in the summer and has a strong order book behind it
extending into 2021. Based on these successful initial orders for DBX, we plan
to unveil future derivatives starting from 2021.”