Aston Martin annual losses narrow as prices hit record levels

Aston Martin's annual losses more than halved in 2023, coming in smaller than market expectations, after selling prices reached record levels as the British luxury carmaker delivered its Valkyrie models and other special edition cars.

Fictional secret agent James Bond's car brand of choice, Aston Martin has had a tough time since its market debut in 2018.

However, top shareholder and executive chairman Lawrence Stroll has been trying to bolster its cash and margins by rolling out next-generation sports cars — the latest of which was the new Vantage sports car model unveiled this month.

Aston Martin kept its near- and medium-term forecasts unchanged.

“While recognising the ongoing geopolitical and macroeconomic volatility and associated inflationary and supply chain uncertainties, our world-class teams continue to collaborate with our partners, seeking to minimise potential impacts on our operations,” the company said.

Aston Martin reported an adjusted pretax loss of £171.8m (R4.17bn) for the year ended December 31, compared with £451m (R10.94bn) a year earlier.

Analysts, on average, were expecting an adjusted pretax loss of £209m (R5.07bn) according to a company-compiled consensus.