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luxury car manufacturer Aston Martin Faced with mounting losses and challenging market conditions, it has significantly scaled back its investment plans.
The British firm announced a comprehensive review of its costs and capital expenditure as well as reducing its five-year investment commitment from £2 billion to £1.7 billion.
This year, the company best known for its collaboration with James Bond is now allocating £350 million to operations, a further cut from an earlier estimate of £375 million and an initial £400 million target.
This step has been taken due to pressure from Aston Martin We Tariff And weak demand in the Chinese market is contributing to a sharp decline in sales.
Revenue for the quarter ending September 30 fell 27 per cent to £285.2 million on the previous year.
This slowdown was mainly due to a 13 percent decline in wholesale sales, with only 1,430 vehicles sold during the period. In response, the luxury carmaker is also reevaluating its strategy for upcoming models.
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 percent.
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”.