Luxury carmaker Aston Martin has warned over annual earnings and slashed vehicle production for 2024 as it suffers from supplier disruption and weak demand from China. The British group said it would make around 1,000 fewer cars than first planned over the year after being hit by delays to car parts due to disruption at some of its suppliers. The firm said that this, combined with the woes in China amid a more bleak economic outlook in the country, are expected to leave wholesale sales by volume down by a “high single-digit percentage”.
It previously forecast high single-digit volume growth. The group cautioned that this would have an impact on profits, with underlying earnings now set to be below forecasts for 2024. Aston Martin’s new chief executive Adrian Hallmark said: “It has become clear that we need to take decisive action to adjust our production volumes for 2024 given a combination of supplier disruption, the weak macroeconomic environment in China and a proactive decision to strategically re-align our production plans to optimise efficiency and achieve a more balanced delivery cadence in the future.
” The group has seen supplier troubles combine with it ramping up production following the launch of a raft of new models. It said: “Concurrent with the significant ramp-up in production for the second half of the year, following new model introductions, the company is experiencing a growing number of late component arrivals due to disruption at several of its.
