Aston Martin DBX sales put quarterly losses into reverse

Strong demand for its first ever sport utility vehicle (SUV) has helped Aston Martin Lagonda more than halve its quarterly losses.

The luxury carmaker of choice for James Bond reported a pre-tax loss of £42.2m for the first three months of the year.

That was down from £110.1m in the same period last year – a time when the company was burning through cash and struggling for sales as the COVID-19 crisis gathered pace, exacerbating the tough start to life it encountered as a listed company in 2018.

Aston, which secured fresh investment from Canadian billionaire Lawrence Stroll last spring and who is now the firm’s executive chairman, said it sold 1,353 cars to motor dealers during the quarter.

That was more than double the number produced in first three months of 2020.

The DBX, the company’s new SUV, accounted for 55% of that.

The firm said it was maintaining its full-year guidance that volumes will stand at around 6,000 vehicles.

It hopes to reach around 10,000 cars and revenue of roughly £2bn by 2024/25.

Shares were 3% higher in early trading.

Chief executive Tobias Moers said: "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.

"We are encouraged by the growth in orders for both GT/Sport and DBX, providing good visibility."

The DBX first rolled off the production line in July 2020 – broadening Aston’s appeal.

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