A strong growth in wholesales driven by customer demand and the delivery of more than 2,100 new Aston Martin DBX has helped the Gaydon-headquartered luxury car company report revenues almost trebling to £736 million.
The company is continuing its “Project Horizon” transformation, scaling up production of its Aston Martin Valkyrie with the first customer car completed and deliveries starting in Q4.
It also unveiled its Valkyrie Spider at Pebble Beach and the car is now two times oversubscribed and finalising unit allocations to customers.
Lawrence Stroll, Aston Martin Lagonda Executive Chairman, said “Through the first nine months of this year we have successfully built on the foundations we put in place for the company’s success in 2020. Not only do we have low dealer inventory, but it is also healthy and fresh – a testament to our shift to ultra-luxury positioning.
“The excitement around and demand for the brand are tremendous, with good visibility for sales, increased interest to be part of our journey from potential new dealers and fantastic demand for our limited run Specials. The Aston Martin Cognizant Formula One Team is significantly expanding our audience with over 87 million people per race seeing our brand in the heat of intense performance competition.
“Our team has been laser-focused on successfully executing our exciting plans to transform Aston Martin to be one of the greatest ultra-luxury brands in the world. Our progress to date, the new products we are launching, the team we have assembled and the partnerships we have forged give me great confidence in our continued success on the path to achieve our medium-term objectives of £2bn in revenue and £500m of adjusted EBITDA.”
Tobias Moers, Aston Martin Lagonda Chief Executive Officer added:“I am pleased with our performance to date, delivering strong results in-line with our plans to improve profitability. The shift to a demand-led, ultra-luxury operating model achieved earlier this year continues to support strong pricing dynamics with order cover through 2021 and extending into 2022.
Our excellent progress on ‘Project Horizon’ as we drive efficiency and agility throughout our business is delivering results with further operational milestones of consolidating our paint shops and restructuring our St Athan operations completed during the quarter.
We continue to strengthen our operational teams, with a triple-digit number of new engineers joining the company over the last year as we focus on developing our future portfolio of compelling products on our journey from combustion to hybrid to electric.
Our confidence in delivering our transformational growth strategy to create a world-class, sustainable ultra-luxury brand is underpinned by our excellent progress on execution to date, as demonstrated with the results we have reported today.”