The British company Aston Martin (full name – Aston Martin Lagonda Global Holdings Plc) is experiencing difficulties integrating a new multimedia system into its cars , due to which deliveries of the DB12 sports car to customers are delayed, and sales in China in the first three quarters of this year collapsed by 57%.
The current turbulent times and global socio-political shifts are playing into the hands of luxury car manufacturers, who are reporting record profits and sales quarter after quarter, but it seems that Aston Martin cannot yet take full advantage of the favorable market conditions. Aston Martin has been in a state of flux over the past few years, as we detailed in October, and this week the company reported disappointing third-quarter results.
Aston Martin posted an operating loss of £52.1 million in the third quarter, about 25% more than expected. The net loss at the end of September amounted to 749.9 million pounds sterling – this is 10% less than last year, but again the company is not reducing debt as quickly as its shareholders would like.
Global sales of Aston Martin from January to September this year amounted to 4,398 cars (+8% compared to last year), growth was provided by North America and Europe, but in the Asia-Pacific region (APAC) sales decreased by 30% to 940 cars, the largest a decline was recorded in China (-57%). Slightly more than half of Aston Martin's sales volume for the specified period was the DBX crossover, with 70% of its share being the top version DBX707.
Aston Martin DBX
Aston Martin, like other Western automakers in the luxury segment, does not have its own production in China (there is simply no need for it), but there is a special version of the DBX with an in-line 6-cylinder engine, and yet the model is not in demand. The reason is an outdated multimedia system with control via a touchpad and a puck on the central tunnel; the Chinese don’t like it so much that they refuse to buy.
Aston Martin DB12
With the Aston Martin DB12 debuting in late spring, the British company began introducing a new generation of multimedia system with a touch screen and an over-the-air update function, but due to problems on the supplier side, shipments of the Aston Martin DB12 to customers were delayed, for this reason the company had to reduce the sales forecast for the end of the year from 7,000 to 6,700 cars. In the coming months, other Aston Martin models, including the DBX, will receive the new multimedia system, after which sales in China should stabilize. The company specifically notes that the Aston Martin DB12 has been well received by the market, with 55% of its buyers being new to the company.
Aston Martin DB12
We would like to add that Aston Martin will launch its first production electric car on the market in 2025; the platform for it will be developed by the American company Lucid Motors, which became one of the shareholders of Aston Martin last summer. The first electric car will be a sports crossover. By 2030, the entire Aston Martin model line will be fully electrified (meaning that the range will only include electric vehicles and plug-in hybrids).
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