Luxury car maker Aston Martin has reported a narrowing of pre-tax losses of -£12.2m (-€14.62m) for the 2024 third quarter, compared with a loss of -£117.6m (-€140.93m) for the same time last year.
This was mainly due to sales being boosted by new model launches, such as the DBX707 and the new Vantage.
Revenue for the British car maker's third quarter of 2024 came in at £391.6m (€469.29m), up from £362.1m (€433.88m) for the same period last year.
Pre-tax loss for the first nine months of the year was -£228.9m (-€274.25m), as compared to -£259.8m (-€311.28m) in the corresponding period of 2023. Revenue for the first nine months of 2024 was £994.6m (€1,191.67m), down from £1,039.5m (€1,245.47m) for the same period in 2023.
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Weaker demand from China and a number of supply chain disruptions are still affecting the company, while also causing delays in component arrival times.
CEO Adrian Hallmark said in the third quarter earnings report on the company's website: "Long-term value creation and sustainable growth are key priorities as we look forward to Q4 2024 and beyond.
"Improved financial and operational performance in Q3 2024, demonstrates our strategy's effectiveness. We are on track to meet our revised full year 2024 guidance, which reflects the necessary action taken in September to adjust our production volumes given supplier disruption, which we are proactively managing, and the weak macroeconomic environment in China."
The CEO also highlighted the company's continued emphasis on quality and cost management to increase profitability.
Aston Martin opens new UK dealerships
Aston Martin is strengthening its retail presence in the UK, by launching a number of new dealerships. It opened Aston Martin Birmingham in Solihull earlier this month.
Marco Mattiacci, the company's global chief Brand and Commercial officer, said in a press release on its website: "The investment in these landmark new UK retail locations comes at the perfect time ...
"The significant long-term investment being made from our UK dealer network represents the positive trajectory of the Aston Martin brand, along with a strong confidence in the new portfolio of models we have brought to the market."
The company also revealed that it would be opening another dealership in central London next year, although the exact location is yet to be announced.
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