Aston Martin's losses grow as sales tumble

The Aston Martin logo is seen at a car repair workshop in Beijing

LONDON (Reuters) – Carmaker Aston Martin, which has changed boss and brought in a billionaire investor this year amid a torrid performance, posted on Wednesday a first-half loss of 227 million pounds ($293 million) as sales slumped.

Popular for being James Bond’s carmaker of choice, the firm has had a difficult time since it floated in 2018 as demand disappointed and it burnt through cash, prompting it to give a stake to a consortium led by billionaire Lawrence Stroll.

Since then it has announced job cuts, is replacing its chief executive and has picked a new finance boss among a series of changes as it also responds to the coronavirus pandemic, which contributed to a 41% drop in sales.

“It has been a challenging period with our dealers and factories closed due to COVID-19, in addition to aligning our sales with inventory with the associated impact on financial performance as we reposition for future success,” said Stroll.

The firm’s half-year pre-tax loss of 227 million pounds compares to a loss of 80 million pounds in the same period last year.

($1 = 0.7741 pounds)

(Reporting by Costas Pitas; Editing by Alistair Smout)