Aston Martin surges ahead of market expectations with £134m gross profit
Aston Martin’s second quarter results raced past market expectations, as the marque benefitted from booming demand for a range of its newly unveiled makes.
Revenues rose 23 per cent from £309m to £381.5m in the second quarter, while gross profit was up 29 per cent from £104.1m to £134.4m.
Shares in the luxury carmaker rose over 4 per cent on the announcement.
CEO Amedeo Felisa said that the company had seen “unprecedented demand” for its new Valour model, with the DB12 – launched in May to significant global attention – also sold out.
Felisa added that the “expansion and transformation” of the marque’s portfolo of vehicles would continue through the second half of the year.
Executive Chairman Lawrence Stroll said: “Although we may only be halfway through the year, 2023 has already proven to be a remarkable year in which Aston Martin has shone brighter than ever.”
The company has seen shares soar in recent months after a slew of major announcements to expand its electric vehicle production – with the firm looking to produce its first electric vehicle by 2025.
Last month, it announced a £182 million partnership with US EV manufacturing start-up Lucid, with the automaker aiming to manufacture of a range of ultra luxury electric vehicles and gain market share on competitors.
One of its major shareholders, the Hangzhou-based automaker Geely, also recently upped its stake in the firm by 17 per cent, investing £234m in what was another significant boost for its electrification push.
On Aston Martins’ electrification strategy, Stroll said today that it planned to expand its core plug-in hybrid EV range”, beginning with its new luxury supercar model, the Valhalla.
“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,” he added.
The firm also expanded its Gaydon headquarters in January, creating more than 100 jobs in the manufacturing facility to support production of new sports cars. All 499 of its DBS 770 Ultimate, unveiled that month, had sold out, it said today.