Share price falls close to record low at embattled Aston Martin

Aston Martin’s share price tumbled dangerously close to a record low on Wednesday (November 2) after the manufacturer revealed that it will deliver fewer cars than expected because of supply chain turbulence.

Stocks fell by over 15% to 89.58p on Wednesday.

The luxury car manufacturer has estimated the disruption will cost around £20m this year. It had expected to deliver more than 6,600 vehicles but now expects this could be as low as 6,200.

Pre-tax losses for the nine months of its financial year have reached £511m. This was impacted by a £245m revaluation of US dollar debt, as the pound significantly weakened against the US dollar.

The automotive sector has faced long-standing supply issues caused by semi-conductor shortages, the impact of the pandemic and the war in Ukraine.

Aston Martin has produced 4,000 cars in nine months, which is 4% lower than last year. Deliveries of its DBX model have been particularly affected.

Billionaire chairman Lawrence Stroll remains confident about the medium-term potential of the Warwickshire-headquartered company.

He said: “We have continued to make excellent progress through the first nine months of the year in our vision to become the world’s most desirable, ultra-luxury British performance brand.”