DBX made up 55 percent of brand orders in Q1 this year
Company expects 10,000 units and profitability by 2024/25
It’s not there yet, but it looks like Aston Martin may have turned the corner on its hedge-lined route to profitability thanks to its first SUV. The automaker’s Q1 report says the brand has more than doubled its sales in the first quarter of this year, and while still a loss, it has posted a much smaller loss than previous ones.
The highlight was the Aston Martin DBX, the company’s first crossover, and the model that nearly brought the company to the brink in development before a consortium including Canadian Billionaire Lawrence Stroll stepped in to save the day. The company’s sales more than doubled to hit 1,353 vehicles sent to dealers; 55 percent of those were the DBX.
Aston hopes to hit 10,000 units per year by 2024/2025, at which point they expect to be well into profitability.
Other bright spots expected to come this year include moving all sports cars to one location and improving efficiency, with specials including the Valkyrie expected in the second half of the year. A DBX F1 Edition is also expected for this year.
“I am pleased with our performance in the first three months of the year,” said CEO Tobias Moers. The exec added that “dealer inventory [share] for GT/Sport is now at our ideal levels, earlier than originally planned and supporting stronger pricing dynamics. We are encouraged by the growth in orders for both GT/Sport and DBX, providing good visibility.”
On the balance sheet, Aston posted revenue of £224.4m and an operating loss of £15.3m, both massively increased over Q1 2020’s £88.8m revenue and £67.9m loss.