The luxury carmaker Aston Martin has warned that wholesale volumes and profits will be below market expectations due to disruption in its supply chain and a sluggish Chinese economy. The company said in a trading update that it was cutting its 2024 wholesale volumes by about 1,000 vehicles to address the issues. Shares in Aston Martin, which have halved over the past year, fell 25 per cent, or 40p, to 1191⁄2p in early morning trading on Monday.
Adrian Hallmark, the company’s new chief executive, said: “Near-perfect execution was required to meet the company’s ambitious 2024 plan. However, it has become clear that we need to take decisive action to adjust our production volumes for 2024 given a combination of supplier disruption [and] the weak macroeconomic.