Aston Martin has issued its second earnings warning in as many months - and is now looking to raise cash.
The shortfall was blamed on a “minor” production delay for its limited-edition Valiant sports car, which means only half of the 38 planned models will be delivered by the end of the year.
As a result, it today announced that expected earnings for 2024 have fallen to £280 million, down on 2023’s £306m.
The British firm is now looking to raise £210m of extra cash, issuing new debt and shares.
This latest move comes just a month after new boss Adrian Hallmark, formerly Bentley CEO, shrunk sales targets for this year to around 6000 units from more than 7000, citing supply-chain issues as well as low demand from China.
The hard reset battered the company share price and dropped its valuation below £1 billion for the first time since it was listed in 2019.
In a statement today, Hallmark said: "The financing we are undertaking supports our growth and provides the investment to continue with future product innovation.
"We are already taking decisive actions to better position the group for the future, including a more balanced production and delivery profile."
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As a shareholder the continuing statements about a better future are wearing a bit thin. Think they have done a good job in many ways - de-stocking dealers, higher price point per car delivered, complete re-fresh of the range - but we do need to see some evidence of financial success as well as positive road tests. OK maybe they are not the UK's Ferrari but the valuation now is absurd.