Aston Martin's executive chairman Lawrence Stroll has defended the company's strategy after the luxury carmaker reported a near four-fold increase in losses to £466 million for 2020. The British firm sold 4,150 vehicles, down 32% from the previous year, as the pandemic forced dealership and factory closures. Revenues fell from £980 million to £611 million.
Stroll said he was 'extremely pleased with the progress to date despite operating in these most challenging of times'. The company's new DBX SUV, priced at £158,000, accounted for over a quarter of fourth-quarter sales, helping to offset the downturn. Net debt decreased from £988 million to £727 million following Stroll's acquisition of a 16.7% stake and Mercedes-Benz increasing its holding to 20%.
New CEO Tobias Moers, formerly of AMG, is accelerating plans to sell around 6,000 cars in 2021, rising to 10,000 by 2025. However, the company has lost over £600 million since its 2017 stock market listing. Julie Palmer of Begbies Traynor noted that Aston Martin must highlight its qualities and demonstrate its EV capabilities using Mercedes technology without losing its unique identity.
