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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.
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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.
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