Aston Martin sales went into reverse in the first six months of 2024 but the luxury carmaker says it expects a recovery in the second half as it completes an update of its model lineup. The FTSE 250 company said the number of cars sold to dealers fell by a third to 2,000, while first-half losses rose by 52% to £216.7m.
But its share price rose by more than 6% on Wednesday as it promised an “exciting” second half and a pickup in sales. The 111-year-old company, best known as the maker of cars in the James Bond spy film series, nearly went bust for an eighth time in 2020 but was saved by Lawrence Stroll, the billionaire fashion mogul. Since then, Stroll has struggled to turn the company around , first by trying to restore an air of exclusivity to the brand by reducing the number of cars held by dealers and sponsoring a Formula One race team, and then by releasing new models.
It has launched a new Vantage sports car and the DBX 707, an update of the sports utility vehicle that has played a significant role in increased sales. Alongside its DB12 and Vanquish sports car models, it means the carmaker has an all-new lineup, with updated infotainment systems that addressed some criticism of previous models. Stroll said the launch of the sports cars and the SUV was a “pivotal moment” for the company after years of trying to turn it around.
The former Bentley boss Adrian Hallmark will take over as chief executive under Stroll, who is chair, in September. Stroll said Aston Mart.