The SUV saves the day. Again.
The Aston Martin DBX is proving to be the right vehicle for the times. It's also a lifesaver for the iconic British carmaker. Aston Martin has just announced its first-quarter 2021 results and is doing fairly well considering the many hardships the auto sector currently faces. The company reported higher than expected revenues for this part of the year, though it still posted a loss of 42.2 million pounds, or roughly $59 million.
All told, it sold 1,353 cars - more than double from the same time last year - and the DBX consisted of 55 percent of those sales. Revenue also increased by 153 percent year on year, a direct result of solid DBX sales and more orders than expected for its GTs and sports cars.
"I am pleased with our performance in the first three months of the year, delivering results in-line with our expectations of good growth and progress on the path to improved profitability and cash generation," said CEO Tobias Moers, per Reuters. "We are encouraged by the growth in orders for both GT/Sport and DBX, providing good visibility."
Above all, Aston Martin's executive team is adamant its 2021 outlook remains unchanged with a 6,000-unit sales goal. Additional income is expected to arrive in the second half of this year following the unveiling of several planned special editions models. All remain closely guarded secrets. The company has probably already reached out to loyal and wealthy clientele giving them the opportunity to buy.
The company's financial hardships struck back in 2018 when it went public. Unfortunately, it quickly began burning through cash faster than it could earn. This caused now-former CEO Andy Palmer his job when billionaire Lawrence Stroll led a consortium to assume control of the company and with it the position of executive chairman. Stroll then poached longtime Mercedes-AMG CEO Tobias Moers to join Aston Martin to play a key role in the company's turnaround.