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Aston Martin Sales Plunges Amid Difficult Times

Aston Martin Sales Plunges Amid Difficult Times

Automaker, Aston Martin, reported a loss of 227 million pounds for the first half of 2020 as the company’s sales plunged greatly amid coronavirus spread. The carmaker was already going through a tough time since 2018 as the demand for the company vehicles continued to disappoint.

Aston Martin, also known as James Bond’s carmaker, is also putting back its current chief executive with a new finance leader and announcing job cuts amid a series of changes in the company in response to corona pandemic, which has costed the company with a 41% plunge in sales.

Since 2018, the company is performing torridly and the low demand in 2018, followed by less cash inventory, prompted the carmaker to offer a significant stake to another association, led by Lawrence Stroll.

The company’s 227 million pound loss for the first half is much more than the 80 million loss for the same period last year. Revenues also plunged to one third reaching 146 million pounds.

The company’s main production factory has no plans to open till August end but the firm is focusing more on its new production line in Wales, where its DBX model, Aston Martin’s first sports utility vehicle, has rolled off.

Automaker’s stakeholder, Stroll, said that the firm is going through a difficult time as the factories and dealers are shutting due to COVID.

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