Losses Deepen for Aston Martin on Product Development Costs

British luxury car maker Aston Martin Lagonda Ltd. reports its revenue last year grew 9% to £510 million ($673 million) as unit sales rose 8% to 3,600 vehicles.

Adjusted earnings before interest, taxes, depreciation and amortization climbed 8% to £71 million ($94 million).

But the company’s operating loss in 2015 more than tripled to £58 million ($77 million). Net losses surged to £107 million ($141 million) from £18 million in 2014. Aston Martin blames the decline on restructuring costs and the launch of its most extensive product development program ever.

The first of its new models, the DB11, was introduced at the Geneva auto show four months ago. Production begins in August. The company vows to roll out a new model at an average pace of one every nine months for five years.

Aston Martin also is building a new production facility in St. Athan, Wales, to assemble the DBX, the brand’s first crossover vehicle. The new model is due in 2019.