Aston Martin's profit exceeds expectations with strong demand for DBX SUV
Aston Martin has reported that it has beaten the profit expectations for third quarter after strong demand boosted sales of cars like its DBX SUV. The company announced earnings before interest, tax, depreciation and amortization of about 23.5 million pounds ($32.1 million) for the period. It also stated that its deliveries during the quarter doubled.
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Aston Martin shared that it will start shipping its new Valkyrie hypercar during the fourth quarter. The price of the hypercar stands at $3 million. All the 150 units of the limited production car have already been sold out. The luxury automaker that received significant support from Canadian Billionaire Lawrence Stroll last year, is currently working on its restructuring plans that also include vital cash injection and clearance of high dealer inventories.
Aston Martin is also in the process of forging closer ties with Mercedes-Benz. The former conveyed that this step will help the company to face the obstacles that are raising from the increased electrification process as automakers are rushing to comply with stricter emissions rules and have planned bans on internal combustion engines.
In an earlier report, Aston Martin had shared that it is planning to bring its first all-electric electric vehicle by 2026. The brand's ‘never say never’ philosophy pushed it to develop its first SUV - DBX, that has helped it to reach a wider customer base. Chief executive officer Tobias Moers had earlier stated that the company will have a next-generation sports cars on a pure EV level.
(with inputs from Bloomberg)