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Luxury car manufacturer Aston Martin Holdings has reported sharply improved first-half and second quarter financial results amid rising global demand for its luxury handcrafted sports cars.
For the six months to June 30, the carmaker reported pre-tax profits of £21.1 million (US$27.37 million), reversing a loss of £82.3 million (US$106.77 million) in the same period a year earlier, on revenues that are reported to have increased to £410.4 million (US$532.43 million) from £211.8 million (US$274.7 million) in the first half of 2016.
In the second quarter of 2017, Aston Martin says pre-tax profits reached £15.2 million (US$19.71 million) on revenues of £222 million (US$287.9 million), compared with a pre-tax loss of £52.6 million (US$68.21 million) on revenues of £119.2 million (US$154.58 million) in the prior-year quarter.
Aston Martin says it continued its product offensive in the quarter, with the launch of the 4.0-litre twin-turbo V8 variant of the DB11, which combines a top speed of 187 mph with the most fuel-efficient powertrain on offer by the company. It also announced plans for its first all-electric, zero-emission model; the limited-edition RapidE set to begin production in 2019. Demand for the DB11 and continued strong sales of the V12-powered Vanquish S and Vantage S models coincided with sell-out success for special-edition vehicles such as the Vanquish Zagato Coupe and continued development work on the Aston Martin Valkyrie hypercar in conjunction with Red Bull Advanced Technologies.
For the first half of the year, global wholesale volumes are reported to have increased 67% to 2,439 vehicles as orders continued to rise in the UK, mainland Europe, the Americas and China. During the period, the carmaker says it also completed a £550 million (US$713 million) refinancing to enhance liquidity, reduce borrowing costs and increase financial reserves.
Conversion work is well underway on the new manufacturing facility in St Athan, UK, according to the manufacturer. Assembly of the upcoming DBX SUV model at the site is due to start in 2019, supporting up to 750 new jobs in South Wales.