Last checked at 24 Mar 2020 13:05
24 March 2020
Aston Martin Lagonda Global Holdings plc
("Aston Martin Lagonda" or the "Company")
Update on operations and the impact of COVID-19
The primary concern of the Company remains the health and safety of colleagues and their families, business partners and the local communities and the Company continues to provide all the support possible. Public health measures advised by governments are being followed in support of their efforts to contain the spread of the virus.
For the full year, sports car wholesales were already planned to be materially lower than 2019 as the Company focuses on reducing dealer inventories to a luxury norm. Currently about a third of the dealer network is closed and a third operating with limited capacity and this level may increase. Of the 18 dealers in China, some of which were closed earlier in the year, all but one are now open.
Third production trial DBX's have been built at St Athan and final testing to ensure robust quality for customers continues. The order book has continued to build and deliveries are still planned to start in the summer 2020, subject to factories and suppliers returning to normal operations.
Development of Aston Martin Valkyrie continues with first deliveries still currently planned for H2 2020.
As previously communicated on 13 March, the virus had impacted customer demand in China and APAC and is now impacting demand in other markets increasing uncertainties and risks to the financial performance of the Company in 2020.
The Company is taking a number of actions to manage proactively across its supply chain and business more broadly, such as:
- Temporarily suspending production at its UK manufacturing facilities from tomorrow, 25 March until 20 April, subject to review of the rapidly-changing circumstances. Production shutdowns would usually have been planned for a combined two weeks over Easter and in May.
- Working with its suppliers and business partners to be ready to deliver production to meet demand following the suspension.
- Taking actions to control and re-phase both operating costs (such as marketing) and capital expenditure in order to protect the Company's financial position.
Enquiries
Investors and Analysts
Charlotte Cowley Director of Investor Relations +44 (0)7771 976764
charlotte.cowley@astonmartin.com
Media
Kevin Watters Director of Communications 44 (0)7764 386683
kevin.watters@astonmartin.com
Toby Bates Senior Adviser, Financial Communications +44 (0)7584 773837
toby.bates1@astonmartin.com
Grace Barnie Corporate Communication Manager +44 (0)7880 903490
grace.barnie@astonmartin.com
Brunswick
Dan Roberts, Diana Vaughton +44 (0)20 7404 5959 astonmartin@brunswickgroup.com