Aston Martin Posts First Quarter Loss of $59 Million

Manufacturer of luxury cars and grand tourers Aston Martin Global Langonda Holdings Plc. (LON: AML) posted its results for the first quarter of the year in which it recorded a loss of $59 million (42.2 million pounds).

This loss is however lower than the loss of 110 million pounds the British automaker posted on a similar quarter last year. In the 2020 first quarter, the company had received an investment from its executive chairman Lawrence Stroll meant to boost its financials.

Despite that the company posting net loss, car sales to dealers in the quarter doubled. In the first quarter, the company sold 1,353 vehicles to dealers. Aston Martin’s expects to sell 6,000 vehicles to dealers in 2021, it says this estimate remains unchanged.

I am pleased with our performance in the first three months of the year, delivering results in-line with our expectations of good growth and progress on the path to improved profitability and cash generation,” said the company’s CEO, Tobias Moers.

The company went public in 2018 and since getting listed, it has been performing lower than what experts expect.

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