Aston Martin in jeopardy as luxury carmaker loses nearly half a billion pounds in an year

New Delhi: The British Luxury car maker Aston Martin reportedly experienced a loss of nearly half a billion pounds last year as new financial worries surfaced.

As per reports, one of the difficulties it encountered was the expense of shipping its Valkyrie hyper cars.
At £2.5 million each, the Valkyrie was one of the most expensive and was intended to be the fastest automobile on the road.

Sales increased 26% to £1.38 billion for the year ending in December, supporting the luxury vehicle manufacturer’s claim that there is a high demand for its goods.

And it asserts that it is on pace to meet its goals for the following year as well. But since it floated in 2018, when it advertised itself as a luxury brand that did much more than just manufacture vehicles, it has drawn criticism.

The company was worth £5 billion back then compared to £1.4 billion today. On the other hand, the shares increased today by 27p to 229p on the belief that things will get better.

Today, it attributed a loss of £495 million in part to the weak pound, which increased the cost of some debt held in US dollars.

These deficits are in addition to the £323 million in 2020 and £76 million last year.

Actually, the total debt has decreased from £892 million to £766 million. However, there is a high interest rate on the loan.

In September, it raised £576 million through a rights issuance in which Saudi Arabia’s Public Investment Fund acquired shares. China’s Geely also acquired a share last year.

Aston Martin continued to expand on the solid foundations laid during my three years as executive chairman in 2022, according to CEO Lawrence Stroll.

Despite the difficulties the industry faced over the past year, we are more optimistic than ever that we can fulfil our vision and meet the goals we have set.

Aston Martin is now aligned with our future goals thanks to the launch of a bold new creative strategy and brand position, the executive continued.

A new offering this year is the DBX707, which is billed as the most potent luxury SUV ever.

Read all the Latest News, Trending News, Cricket News, Bollywood News,
India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.