Aston Martin secured a £650 million investment from Saudi Arabia in a bid to help pay off its substantial debts (Ben Birchall/PA)
(Picture: PA Wire)Hundreds of Aston Martin supercars have been left unfinished as the beleaguered luxury carmaker struggles to procure parts amid supply chain struggles brought on by lockdowns in China and War in Ukraine.
Aston Martin said more than 350 cars were awaiting parts by the end of June, causing the firm to take a £80 million hit to its cash reserves.
The iconic British brand and James Bond favourite posted its eighth consecutive half-year of losses, fuelled by a £134 million knock from foreign exchange movements.
Revenues grew 9% to £499 million, led by sell-out demand for its new V12 Vantage sportscar as well as enthusiasm for its new SUV, the DBX707. The company said it had delivered 27 of its £2.5 million Valkyrie supercars.
Aston Martin CEO Amedeo Felisa said: “With the supply chain challenges that impacted our first half performance expected to ease, we are now focused on accelerating deliveries of the DBX707, continuing to ramp up Aston Martin Valkyrie production, and transitioning to our next generation of sports cars.”
Felisa was appointed CEO in May after the previous chief executive, Tobias Moers, saw his pay package shrink last year in the wake of an investor backlash over bonuses.
Aston Martin shares climbed 2.3% to top 480p. The share price has fallen 65% since the start of the year.
Earlier this month, Aston Martin secured a £650 million investment from Saudi Arabia in a bid to help pay off its substantial debts. The Saudi Arabia Public Investment Fund is now the second largest shareholder in the company, behind the 22% stake held by Canadian billionaire Lawrence Stroll.
63-year-old Stroll led a group of investors to take a £182 million stake in a bid to rescue the struggling carmaker in January 2020, after which he became executive chairman. Stroll is worth $2.9 billion, according to Forbes.
