Aston Martin shares plunge on volume target cut, lingering debt

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Aston Martin shares plunged on Wednesday morning after the British luxury carmaker cut its volume target due to production problems.

Aston Martin reported an adjusted operating loss of £48.4 million for the three months to the end of September and a net revenue of £362.1 million.

"The DB12 production ramp up was temporarily affected as supplier readiness and integration of the new EE platform that supports the fully redeveloped infotainment system was delayed," Aston Martin said in its earnings report on Wednesday. "Commencing deliveries of our next generation of sports cars is a major milestone marking the beginning of a completely new line up of front engine sports cars that will reposition Aston Martin as an ultra-luxury high-performance brand, enhance our growth and bring higher levels of profitability," Stroll added.

Russ Mould, investment director at British stockbroker AJ Bell, said the disappointing earnings had come at a bad time for Aston Martin's hopes of a share price recovery.

 

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