Aston Martin said it would deliver fewer vehicles than expected this year due to persistent supply-chain problems.
The company now expects to deliver as few as 6,200 cars, down from an earlier projection of more than 6,600 after parts shortages prevented some 400 autos from being shipped in the third quarter, it said Wednesday.
Aston Martin also reported a worse-than-expected operating loss in the period.
In July, it had forecast an improvement in its finances in the second half of the year, predicting positive free cash flow after burning through tens of millions of pounds in cash.The company’s third-quarter operating loss widened to $67 million pounds from $34 million a year earlier.
“Although these headwinds, which are already improving in Q4, have disrupted our near-term financial performance and modestly impacted our full-year guidance, the medium- and long-term outlook is robust,” Executive Chairman Lawrence Stroll said in a statement.
The sports and luxury automaker has been struggling with a turnaround plan to raise output and lower debt, and has long been suffering from the supply-chain problems that have plagued the industry.
Volkswagen Group last month cut its sales expectations for the year as semiconductor availability remains scarce and logistics continue to pose a challenge. Toyota Motor lowered its production target for the same reasons.
Aston Martin shares fell up to 16.5 percent in London, the steepest intraday drop in more than four months. The shares are down around 81 percent this year.
