Aston Martin hit by another £495million of losses
LOSSES at Aston Martin more than doubled last year as the luxury car maker grappled with supply troubles and rising costs.
The UK-listed firm – whose cars famously feature in James Bond films – lost £495m for 2022 following losses of £214m the year before.
One of the biggest costs came from the Valkyrie hypercars, a £2.5m model designed to be the fastest road vehicle ever made.
But the company said demand remained strong for the year, with sales up 4pc to 6,412 and the average selling price up 18pc to £177,000. That pushed revenues up 26pc to £1.4bn. Supply and logistics disruption eased during the fourth quarter.
Sophie Lund-Yates, an equity analyst at Hargreaves Lansdown, said demand was a ‘marker of the power of Aston Martin’s brand’.
Shares rose 3.2pc, or 6.5p, to 207.6p as investors hoped for a better 2023, in which Aston aims to sell 7,000 cars.
Lawrence Stroll, Aston’s executive chairman, said: ‘We have made the biggest investment in our iconic brand through the launch of a bold new creative strategy and brand position that aligns Aston Martin to our future ambitions.’