Aston Martin says it will miss delivery expectations for the year due to persistent supply-chain issues.
The company says it will deliver 6,200 cars instead of the earlier projection of 6,600. The automaker said more than 400 vehicles could not be shipped during the third quarter because of parts shortages.
Aston Martin also reported an operating loss of £67 million for the third quarter, up from £34 million a year earlier and worse than previous expectations. The automaker had forecasted an improvement in its financial situation for the year’s second half, predicting a positive cash flow after spending tens of millions of pounds in cash.
The automaker has been working to raise its output and lower debt as part of a turnaround plan but has struggled because of industry-wide supply-chain problems.
“Although these headwinds, which are already improving in Q4, have disrupted our near-term financial performance and modestly impacted our full-year guidance, the medium- and long-term outlook is robust,” said Executive Chairman Lawrence Stroll in a statement.
Shares of the company fell about 16.5% in London after the announcement, marking the steepest intraday decline in more than four months. Shares have plunged around 81% so far this year.
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