LONDON, Sept 30 – Luxury carmaker Aston Martin has warned about its annual earnings and slashed vehicle production for 2024 as it suffers from supplier disruption and weak demand from China, the German news agency (dpa) reported.
The British group said that it would produce around 1,000 fewer cars than initially planned over the year due to delays in car parts caused by disruptions at some of its suppliers.
The firm said that this, combined with the woes in China amid a more bleak economic outlook, is expected to result in wholesale sales volume decreasing by a “high single-digit percentage”.
It previously forecast high single-digit volume growth.
The group cautioned that this would have an impact on profits, with underlying earnings now set to be below forecasts for 2024.
Aston Martin’s new chief executive Adrian Hallmark said: “It has become clear that we need to take decisive action to adjust our production volumes for 2024 given a combination of supplier disruption, the weak macroeconomic environment in China, and a proactive decision to strategically re-align our production plans to optimise efficiency and achieve a more balanced delivery cadence in the future.”
