Aston Martin has warned shareholders it will miss its annual profit target by £15 million after failing to deliver as many of its limited edition Valkyrie hypercars to customers as planned.
The Warwickshire-based luxury car manufacturer said it had delivered 10 of the vehicles, which cost £2.5 million each, in the fourth quarter.
“Following an extensive and challenging development and testing schedule which has now successfully completed, the game-changing Aston Martin Valkyrie hypercar programme is in production and deliveries to customers have commenced,” said the company in its full-year trading report.
“The impact is timing only, all Aston Martin Valkyrie Coupes are sold and remain allocated to customers with significant deposits.”
Lawrence Stroll, Aston Martin Lagonda executive chairman, who led a consortium to buy the brand in 2020 said: “We inherited a challenging programme with Valkyrie but we are now producing these fabulous hypercars.
“Our progress to-date underpins my confidence in the future, our continued success and the potential for the business.”
Tobias Moers, Aston Martin Lagonda CEO added: “The Valkyrie programme is now running at rate for 2022 having focused on delivering with no compromises in the face of supply chain challenges and huge complexity in the production ramp-up which resulted in a timing impact for 2021.
“With a full year of Aston Martin Valkyrie programme deliveries in 2022 we are expecting to deliver significant growth.”
Elsewhere, there were encouraging signs as its DBX SUV – which is aimed at wealthy female customers – took an estimated 20 per cent of the luxury SUV market, selling 3,001 units.
Aston Martin said that overall wholesale sales grew by 82 percent to 6,182 units last year.
“”I am extremely pleased that our core business has delivered to plan with over 6,000 core wholesales in the year whilst driving inventory to levels that are appropriate for an ultra-luxury business,” said Lawrence.
“The evidence is there that our strategy is working, as retail sales are well ahead of wholesales supported by strong pricing and improving residual values.
“It is a very long time since the core business was in such good health as it is today.”
He added: We have achieved an enormous amount and are well on track with our transformation of Aston Martin into one of the greatest ultra-luxury brands in the world with new leadership, partners and products, and our return to Formula One, which has significantly increased our brand exposure, perception and desirability.