- Aston Martin said it would deliver 7,000 cars in 2024.
- Newly appointed CEO Adrian Hallmark said execution would have to be "near perfect" to reach that number.
- The company is slashing its estimate by around 1,000 units.
Aston Martin has had its share of financial woes in the last decade. But recently, the company has turned things around under the watchful eye of Lawrnece Stroll, with stellar new products like the DB12, the DBX, and the Vantage. But even with that recent string of success, the British sports car maker won't be hitting its numbers this year.
In a recent interview with Reuters, newly appointed CEO Adrian Hallmark (who comes from Bentley) said the company will build and deliver around 1,000 fewer cars this year than originally estimated, and won't be able to meet its gross margin target of around 40% for the year. Aston Martin aimed to deliver 7,000 cars in 2024, a marked improvement over the 6,620 vehicles the company delivered last year—but that won't happen.
"Near perfect execution was required to meet the company's ambitious 2024 plan," Hallmark said in the interview. "However, it has become clear that we need to take decisive action to adjust our production volumes for 2024."
Hallmark cited supply chain issues, specifically "floods" and "fires" that have affected several of Aston Martin’s suppliers throughout Europe. Flooding in Switzerland earlier in the year halted production at a large aluminum supplier, also impacting brands like BMW, Jaguar Land Rover, and Porsche.
Next year, though, could be more profitable for the brand as it rolls out products like the new Vanquish and Valhalla sports cars, as well as the updated DBX SUV. Aston Martin also pushed back its ambitious EV plans and promises to keep selling combustion cars into the 2030s—which, hopefully, will keep enthusiasts interested for the next few years to come.
