The bad news is linked for Aston Martin-Lagonda. James Bond’s favorite automaker released a new earnings warning on Tuesday, a symbol of its economic woes.
"2019 was a really disappointing year commercially," conceded Andy Palmer, the boss of Aston Martin. Car sales fell 7% to 5,809 units. The British luxury group is particularly penalized by weak demand in the United Kingdom, where
the automotive market has been declining for three years
. The Vantage model, which went on sale in June 2018, did not meet the expected success.
Second result warning
In a press release, the manufacturer now indicates aiming for an operating margin of between 12.5 and 13.5% in 2019, against a previous target of around 20%. The group expects operating profit of between 130 and 140 million pounds sterling, almost half of that in 2018 (247 million pounds).
second result warning in a few months
, the title of Aston Martin plunged 11%, Tuesday at 11:00 am, on the London Stock Exchange. The group's market capitalization is approximately one billion pounds, against 4.33 billion pounds when
of its listing in October 2018
An SUV to relaunch
To relaunch, Aston Martin has high hopes on its first SUV (DBX), made in Wales. Andy Palmer is counting on 4,000 to 5,000 DBX sold each year. Which would almost double sales for the automaker.