PIF-backed Aston Martin posts bigger half-year loss on lower car sales

LONDON: British luxury carmaker Aston Martin on Friday reported a bigger loss for the first half of the year as it sold fewer cars, hurt in part by supply chain snarls, according to Reuters,

The company posted a pre-tax loss of £285.4 million ($347.99 million) for the six months ended June 30, compared with a loss of £90.7 million a year earlier.

Aston Martin, which recently announced a capital raising that will see Saudi Arabia’s Public Investment Fund become its second-largest shareholder, sold 2,676 wholesale units in the first half, compared with 2,901 a year earlier.

The British carmaker said it expects to sell more cars in the second half of 2022 as some supply chain snags ease and following a production ramp-up of its more profitable models, such as the DBX707 and the V12 Vantage.