The ultra-rich might not feel the weight of constant ups and downs in the economy like the rest of us working schmucks, but the automakers that often service them do, especially Aston Martin. The legendary British automaker has seemingly been on the ropes for the last 40 years financially, but its fortunes in 2024 have been particularly bleak.
Aston Martin recently reported its third-quarter earnings or, in this case, losses. The automaker went into the red by $13.4 million before taxes, not quite as bad as expected but enough to account for a $1.8 million loss every day. The trend has led Aston to borrow heavily this year, and the company now has more debt than its current valuation.
Much of that loss likely came from Aston’s delivery numbers, which fell 17 percent year-to-date in the third quarter. Sales of the company’s DBX SUV, which was expected to “save” it from financial ruin, tumbled by 52 percent, now accounting for just 30 percent of Aston’s overall sales. In a particularly worrying statistic for the automaker, that 30 percent number is down significantly from 2023, when it made up more than half of sales.
While sales of Aston Martin’s “normal” cars are down, its ultra-high-end vehicles are performing well. Sales of the Vantage and DB12 climbed 16 percent year-over-year, and some expect the numbers to improve further when the new Vanquish hits the streets later this year. Aston’s halo cars, the Valour and Valkyrie, also did well, seeing a 132-percent jump in sales, though that only accounts for 90 vehicles.
[Images: Aston Martin]
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Source: The Truth About Cars
