Aston Martin< / span> stunned investors on Tuesday, warning that its profit for the 2019 year will fall by about 45%, despite the racestudie orders for its first SUV.
the Shares of the British manufacturer of luxury cars in London fell by 16% after CEO Aston Martin Andy Palmer has promised to take steps to return the business to normal after a "very disappointing year".
Aston Martin, the favorite car brand of the fictional British secret service agent James bond, suffers from a lack of demand for some of its models, the global slowdown of vehicle sales and uncertainty about Brexit after the IPO in 2018.
In a statement, Aston Martin said that market conditions were challenging in November and December is the peak period for deliveries - which led to a decrease in sales and increase costs, especially in Europe.
106-year-old company also blamed their problems of exchange rate fluctuations, rising marketing costs and lower average prices of its luxury cars.
Aston Martin Profit before interest, tax, depreciation and amortisation (EBITDA) for 2019 could fall to 130 million pounds sterling (approximately 171 million U.S. dollars), compared with 247 million pounds (about 326 million U.S. dollars) in 2018.
on Tuesday, the company said it is revising its plans for 2020 and confirmed that it is still seeking potential investors to attract new financing.
Aston Marin has borrowed $ 150 million last year by selling bonds with a high interest rate. She currently plans to raise additional $ 100 million in the form of banknotes, provided that the company will receive 1,400 orders for the SUV DBX.
