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luxury car manufacturer Aston Martin It has cut its investment plans amid efforts to cut costs amid rising losses.
The UK company also said it was reviewing its strategy for future models as US tariff pressure and weak demand in China led to a further decline in sales.
Aston Martin Lagonda told shareholders it would reduce its five-year investment commitment from £2bn to £1.7bn as it launched a review of costs and capital expenditure.
The car company, best known for its association with the James Bond franchise, said it was also injecting £350 million into its operations this year as part of the latest cuts to its spending plans.
Earlier this month the company said it was on track to invest £375 million, having already fallen short of its previous target of £400 million.
The company reported that revenue for the quarter to September 30 fell 27% from a year earlier to £285.2 million.
The decline was due to weak wholesale sales, which fell 13% to 1,430 vehicles during the quarter.
The weakness was driven by “increased challenges in the global macroeconomic environment”, which weighed on demand, as well as pressure from US tariffs.
Sales volumes in “most territories” during the quarter were weaker than expected, as it was reported that UK sales volumes declined by 32%.
Aston Martin said its quarterly operating loss more than doubled to £56.1 million during the period.
The firm pointed to improved performance for the final quarter of the year, but stressed that challenges remain, including supply chain pressures linked to the cyber incident at rival Jaguar Land Rover.
Adrian Hallmark, chief executive officer of Aston Martin, said: “This year has been marked by significant macroeconomic headwinds, particularly the continued impact of US tariffs and weak demand in China.
“In response to these market dynamics, we have taken and continue to take proactive steps to strengthen our overall position.
,Work Our future product cycle plan is being reviewed with the aim of optimizing costs and capital investments while continuing to deliver innovative, class leading products to meet customer demands and regulatory requirements.
Major shareholder and executive chairman lawrence stroke He said his commitment and belief in the long-term prospects of the business is “unwavering”.