Aston Martin outlined plans today to double revenues and quadruple profits within the next five years, as the firm bolsters its electrification strategy and continues to ride the wave of a recent share price surge.
At its capital markets day, the marque told shareholders it would aim for revenues of £2.5bn and EBITDA of £800m by 2028, as opposed to the £1.1bn in revenues it made last year and £190m EBITDA profit.
The company retained its forecast of £2bn in revenue for 2025.
It comes just a day after the firm unveiled a new £182m partnership with the US start-up firm Lucid to bolster its electrification strategy, with shares soaring nearly 15 per cent shortly after.
In todays’ announcement, the luxury carmaker reiterated its intention to boost investment in electric vehicles, stating that “continued strong momentum,” had been significantly boosted by its electrification strategy.
It currently has the goal of launching its first EV by 2025 and is anticipating investing £2bn in the transitioning to an electric fleet in the next five years.
Executive chair Lawrence Stoll said that Aston Martin had completed a “major industrial turnaround” over the last three years, which has “completely rebuilt this iconic company.”
He added: “We are now driving new levels of operational excellence to support our growth and deliver on our targets which focus on increasing value for each car we sell, aligned with the characteristics of a true ultra-luxury company.”
Aston Martin is enjoying a strong rebound since 2022, which saw supply chain problems and high spending dent profits.
Shares in the business have quadrupled since November. In May, Hangzhou-based carmaker Geely doubled its stake in the marque to 17 per cent, prompting shares to soar as high as 12 per cent.
Aarin Chiekrie, equity analyst at Hargreaves Lansdown, said investors “took heart yesterday after the unveiling of its tie-up with Lucid Group, and shares reacted positively.”
“It marks a key step towards Aston Martin achieving some of its previously stated electrification goals.”
Chiekrie said that “the execution of the electrification strategy” would be “a key driver of long-term success,and recent strategic partnerships show the group is putting the building blocks in place.”