Topline: Luxury car group Aston Martin Lagonda posted a $17 million (£13.5 million) loss in its third quarter amid “tough trading conditions,” CEO Andy Palmer said, with demand and wholesale sales to dealerships falling as the global car industry continues to struggle.
Crucial quote: “Tough trading conditions, particularly in the UK and Europe, persist and whilst retail sales have grown 13% year-to-date, wholesale volumes remain under pressure ... the segment of the market in which Vantage competes is declining, and notwithstanding a growing market-share, Vantage demand remains weaker than our original plans.,” said Palmer.
Key background: The launch of the Aston Martin DBX SUV in Beijing next month is a make-or-break gamble for the British luxury car brands. Aston Martin went public in October 2018, but the value of its shares have slumped 75% to just £4.07 ($5.22) a share as the automotive industry’s global malaise, Brexit uncertainty and a weakening global economy weighed on sales of its high-end sports cars.
Additional fact: Aston said that the upcoming 25th James Bond film No Time To Die, slated for release in April 2020, will feature four Aston Martin cars: the DB5, V8 Saloon, the DBS Superleggera and the Valhalla.