Aston Martin Lagonda Global Holdings Plc’s luxury car sales fell in the first quarter as the company wound down production of its older Vantage sports car model.
During this period, the company shipped 945 vehicles, which is 26% less than the previous year. This resulted in a drop in revenue and adjusted earnings before interest, taxes, depreciation and amortization. Although both figures fell short of analysts’ estimates, the company stuck to its guidance for the year.
Aston Martin said revenue fell 10% to £267.7 million ($334 million), while adjusted Ebitda was £19.9 million, down 34%.
The decline reflects the cessation of production and delivery of some of Aston Martin’s core models, executive chairman Lawrence Stroll said in a statement on Wednesday. The company has started producing new versions of the Vantage and the DBX707 SUV, which have not yet gone on sale.
Stroll has been going through a long period of restructuring at Aston Martin and has been forced to raise capital repeatedly since rescuing the company in 2020, bringing in new shareholders such as the Saudi Arabian Public Investment Fund. The company completed a £1.15 billion ($1.4 billion) refinancing in March to ease investor concerns about its debt burden. keep paying high interest rates on new bonds.
Aston Martin also confirmed on Wednesday that it will launch a new V12 sports car as part of its strategy to introduce more models more frequently.
Former head of Bentley Motors Ltd. Adrian Hallmark will take over as chief executive no later than October 1, succeeding 77-year-old Amedeo Felisa and becoming the fourth chief executive since Stroll took over.
Aston Martin in February pushed back will launch its first all-electric car by 2026 and plans to create a line of plug-in hybrids to overcome the shift to battery-only vehicles.
Bloomberg News reported last week that Stroll is in early talks to sell another minority stake in the Aston Martin F1 team, which he separately owns, to the luxury car maker.