Aston Martin sales slump as new boss hits reset button

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He got behind the wheel after leading the Yew Tree consortium to inject more than £ 500million into the carmaker in exchange for a 25pc stake.

In addition to seeing sales battered and production halted by the pandemic, Aston participated in a new fundraiser, asking shareholders for an additional £ 150million. It is cutting nearly a fifth of its workforce, some 500 jobs, as it tries to cope with the crisis.

Mr Stroll, who ousted chief executive Andy Palmer and fielded Mercedes-AMG boss Tobias Moers to replace him, said he took the lead role “to give clear leadership to the company. , to our partners and our dealers ”.

He added that this included an “initial reset in order to realize our ambition to make Aston Martin one of the world’s leading luxury car brands”.

This saw the dealer’s inventory reduced by 869 cars, which equates to about three months of sales. Mr Stroll is desperate to match production with demand, as this will cut costs and make cars more exclusive, limiting the discounts that were previously offered to boost sales.

The results also revealed accounting issues which mean Aston underestimated its losses last year by £ 15.3million, meaning its actual loss was £ 70.9million in 2019 rather than the 55.6 million pounds she brought in.

Incentives and marketing costs for dealerships in the United States were the cause of the problem, said new CFO Ken Gregor, who discovered the problem was a non-cash cost.

He described it as “a timing error” caused by different accounting standards, Aston “passing from a misunderstanding”.

During the period, Aston managed to reduce its crushing debt, reducing it from £ 237million to £ 751million.

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