Aston Martin, the luxury British carmaker famed for kitting out James Bond, has issued a profit warning after a “very disappointing” 2019.
Shares in the 106-year-old firm plunged by as much as 16% after it said annual earnings were expected to fall by nearly half from a year earlier.
But the fortunes of BMW-owned rival Rolls-Royce were very different. Rolls-Royce, the car of choice for those who like to be chauffeured, sold a record 5,100 vehicles last year.
Aston Martin said it was expecting earnings of between £130m and £140m, well below the £247.3m it reported last year.
When Aston Martin listed its shares on the London Stock Exchange in October 2018, its shares were priced at £19 each. However, the latest bad news has now dragged the share price down to about £4.50.
According to BBC, the big question is why wealthy people aren’t buying its luxury cars. Working for this company should be a marketeer’s dream, but the team responsible for attracting customers clearly haven’t got the formula right.”