Aston Martin annual losses narrow as prices hit record levels

FILE PHOTO: An Aston Martin Valkyrie sports car is seen at the Auto Zurich Car Show 2022 in Zurich, Switzerland November 10, 2022. REUTERS/Arnd Wiegmann/File Photo

(Reuters) -Aston Martin’s annual losses more than halved in 2023, coming in smaller than market expectations, after selling prices reached record levels as the British luxury carmaker delivered its Valkyrie models and other special edition cars.

Fictional secret agent James Bond’s car brand of choice, Aston Martin has had a tough time since its market debut in 2018.

However, top shareholder and Executive Chairman Lawrence Stroll has been trying to bolster its cash and margins by rolling out next-generation sports cars – the latest of which was the new Vantage sports car model unveiled this month.

Aston Martin kept its near- and medium-term forecasts unchanged.

“While recognising the ongoing geopolitical and macroeconomic volatility and associated inflationary and supply chain uncertainties, our world-class teams continue to collaborate with our partners, seeking to minimise potential impacts on our operations,” the company said in a statement.

An Aston Martin Valkyrie car is driven off the production line at the company’s factory in Gaydon, Britain, March 16, 2022. Picture taken March 16, 2022. REUTERS/Phil Noble

Aston Martin reported an adjusted pretax loss of 171.8 million pounds ($217.36 million) for the year ended Dec. 31, compared with 451 million pounds a year earlier.

Analysts, on average, were expecting an adjusted pre-tax loss of 209 million pounds, according to a company-compiled consensus.

($1 = 0.7904 pounds)

(Reporting by Yadarisa Shabong in Bengaluru; Editing by Subhranshu Sahu)