The famous car company is looking for money to overcome the crisis.

As automotive manufacturers in Europe face a bottleneck due to Chinese printing, British luxury car manufacturer Aston Martin has lowered its profit forecast for 2024 for the second time.

SHARP DECLINE IN PROFITABILITY

Facing a decline in demand due to the economic slowdown in China and entering a challenging period with delays in the delivery of Valiant models, Aston Martin expects a profit of £280 million ($352 million) by the end of 2024. The company's profit last year was £305.9 million.

Following the profit decline, it was reported that the company, which is trying to strengthen its financial position, will issue new shares and debt worth £210 million.

FORECASTS MAY NOT HOLD

The luxury car manufacturer plans to deliver half of the 38 Valiant models by the end of 2024. However, it is estimated that the target of producing 1,000 vehicles will not be met.

In 2023, Aston Martin sold 6,620 vehicles, with one-fifth of these sold to the Asia-Pacific region. On the other hand, the company's shares, traded on the UK stock exchange, have lost half of their value since the beginning of the year.