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Aston Martin cuts forecast on China sales slump

Aston Martin warned of lower annual core profit and reduced its 2024 production forecast due to supply chain disruptions and declining sales in China, causing its share price to slump. The British luxury carmaker highlighted delays in component arrivals and longer completion times for vehicles, which have impacted deliveries. To address these issues, Aston Martin cut its wholesale volumes target by about 1,000 vehicles. While the company hoped to achieve positive free cash flow in the first half, it no longer expects to meet this goal. Gross profit margins are now projected to be below 40%, and third-quarter performance is expected to miss market expectations. Aston Martin, like other European automakers, is facing a challenging environment in China, and it plans to introduce next-generation sports cars there to improve its standing.

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