Mexican Media Brands
Aston Martin’s Losses Nearly Triple
Iconic British luxury carmaker Aston Martin Lagonda Ltd. reports a net loss of £72 million ($111 million) in 2014 compared with a loss of £25 million in 2013, Reuters reports.
#economics
Share
Iconic British luxury carmaker Aston Martin Lagonda Ltd. reports a net loss of £72 million ($111 million) in 2014 compared with a loss of £25 million in 2013, Reuters reports.
Unit sales slipped to 3,700 units from 4,200 in 2013, and revenue declined 10% to £468 million ($722 million). Operating results swung from a £1.5 million profit in 2013 to an £18 million loss
The company, which has not posted a profit in four years, also was hit last year with a recall to replace a component discovered to have been made using a counterfeit plastic material.
Aston Martin hasn’t posted a profit since 2000. CEO Andy Palmer says the company’s losses are likely to continue through at least 2017 as it rushes to update its lineup and launch its first crossover vehicle. The company said earlier this week it will eliminate 14% of its staff—about 300 people—to reduce costs.
RELATED CONTENT
-
On Headlights, Tesla's Autopilot, VW's Electric Activities and More
Seeing better when driving at night, understanding the limits of “Autopilot,” Volkswagen’s electric activities, and more.
-
Enterprise Edges into Self-Driving Car Market
U.S. rental car giant Enterprise Holdings Inc. is the latest company to venture into the world of self-driving vehicles.
-
Fuel Economy Gains in July
What you’re looking at here is a sales-weighted fuel economy chart (the numbers in the white boxes represent miles per gallon) that was put together by two diligent researchers, Michael Sivak and Brandon Schoettle, of the University of Michigan Transportation Research Institute.