Aston Martin confirms it will miss its 2024 sales goal as the British sportscar maker continues to struggle with financial woes and a rocky future as it prepares to launch an all-new lineup of vehicles.
Aston Martin confirmed that it will miss all of its sales targets for 2024.
Aston Martin has always been an automaker that has managed to defy the odds during its long history with it’s bespoke and stylish lineup of performance vehicles often being contrasted by some of the financial woes that have dogged the company for much of its history. In recent years, Aston has committed to a plan of electrification with the company saying that it wants to join some of its rivals in eventually offering an all-electric lineup of vehicles.
This push has also been underscored by renewed financial woes with the company nearly being pushed to the brink during the midst of the COVID-19 pandemic. Things have improved for the company since then but these improvements have come at a methodical pace and Aston Martin has occasionally been forced to alter its long-term plans. That includes its sales goal for the year with the company confirming that it will miss that goal for the 2024 model year.
Aston Martin comes up short in its bid to shore up sales
Aston CEO Adrian Hallmark cited supply chain issues as the main reason for the missed goals.
The confirmation was recently revealed in an interview that new CEO Adrian Hallmark had with Reuters with the exec saying that the company will deliver 1,000 fewer cars than originally planned and will also not be meeting its 40% gross margin target either. Aston had originally planned to deliver 7,000 cars in 2024 with the newly refreshed Vantage, DB12, and the DBX SUV all being expected to help play a part in reaching that goal.
“Near perfect execution was required to meet the company’s ambitious 2024 plan,” Hallmark said in the interview. “However, it has become clear that we need to take decisive action to adjust our production volumes for 2024.”
The CEO attributed the lower number to several supply chain issues including flooding and a fire at an aluminum supplier in Switzerland that also impacted other automakers like BMW and Jaguar Land Rover. However, Aston Martin competes at a much higher pricing bracket and any potential obstacles that the firm faces has an amplified effect especially in the eyes of customers who might go to another brand where they feel more secure about their vehicular investment.
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Next year is shaping up to be a key period for the company
2025 will be a big year for the company as it prepares to launch new models like the Vanquish and the Valhalla.
While Aston Martin is putting 2024 in the proverbial rearview mirror, the company has plenty of reasons to believe that 2025 will be a far more profitable year for them. The company is not only launching the new Vanquish and Valhalla sportscars but also an updated DBX SUV that will cement Aston’s presence in the sport utility vehicle market.
Their arrival will also represent a delay in the company’s all-electric movement with Aston reps confirming that the company will be selling ICE-powered models into the 2030s. The goal is to give enthusiasts a sense of familiarity and to also preserve some of the core aspects that make owning an Aston Martin unique in the eyes of their loyal followers. In the meantime, Aston Martin will be using the extra time to finetune their upcoming EV models with profits from the combustion car business going into the development of these vehicles so that they can be perfected and ready for consumer consumption.
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