LONDON (Business) – Aston Martin posted a first-quarter pretax loss of 119 million pounds after sales dropped by nearly a third due to the impact of the coronavirus outbreak and the destocking of dealers, the carmaker said on Wednesday.
“COVID-19 and the resulting global economic shutdown has had a material impact on our performance this quarter,” said Chief Executive Andy Palmer.
The carmaker, which has seen core retail sales slump by an annual 31%, has furloughed staff, introduced additional safety measures and cut the pay of its senior management as part of measures to handle the crisis caused by the pandemic.
Canadian billionaire Lawrence Stroll, who leads a consortium which took a stake in the company earlier this year, hopes to pursue a turnaround partly by sharing Formula One technology with the firm’s range of road cars.
But the firm said on Wednesday the pandemic meant it could no longer provide full-year guidance.
“Given the ongoing uncertainties, as is prudent, the company continues to review all future funding and refinancing options to increase liquidity,” it said.
(Photos syndicated via Reuters)
