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Home / Business / Aston Martin sells significantly fewer cars in Europe than in the previous year

Aston Martin sells significantly fewer cars in Europe than in the previous year



The company's stock fell 23% at the start of trading in London and fell below £ 800 ($ 996) per share.

The carmaker blamed macroeconomic uncertainty and weakness on UK and European markets for the cuts. For the full year, the company expects passenger car sales of between 6,300 and 6,500 vehicles – around 11% less than forecast in May.

"We are disappointed that short-term wholesale is not meeting our initial expectations," said Andy Palmer, president and CEO of Aston Martin Lagonda, in a statement. "We are taking decisive action today to manage the inventory and brands of Aston Martin Lagonda in the long term."

In the first half of the year, wholesale car sales in the United Kingdom were 1

7% down on the same period one year ago. In the rest of Europe, sales fell by 19%.

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There were some bright spots. Wholesale growth in the Americas and Asia-Pacific grew by 54% and 24%, respectively, in the first half of 2019.

The company also lowered the adjusted operating profit margin for the year to 8% after 13% previously.


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