Aston Martin posts smaller loss as sales more than double in first quarter

Luxury automaker Aston Martin posted a smaller first-quarter loss in 2021 of 42.2 million pounds ($58.7 million) and said it will keep taking steps towards profitability, as its sales to dealers more than doubled.

That compared with the 110.1 million pound loss the luxury brand posted in the same period in 2020 when it brought in fresh investment from billionaire Executive Chairman Lawrence Stroll to increase its finances.

The automaker had a tough time since floating in 2018, as it failed to meet expectations.

The arrival of its first sport-utility vehicle, the DBX, which first rolled off the production line in July last year, has helped increase the company as it broadens its appeal in a lucrative segment of the market.

In the first quarter of this year, total sales to dealers more than doubled to 1,353 vehicles and the automaker said it was maintaining its full-year guidance that volumes will stand at around 6,000 automobiles.

It hopes to reach around 10,000 cars and revenue of approximately 2 billion pounds by 2024/25.

“I am pleased with our performance in the first three months of the year, providing results in-line with our expectations of good growth and progress on the path to improved profitability and cash generation,” said CEO Tobias Moers.

“We are encouraged by the growth in orders for both GT/Sport and DBX, providing good visibility.”