- Aston Martin’s pre-tax losses rose by 48.7% to $322 million in 2024
- The automaker is cutting 170 staff, representing about 5% of its workforce
- Aston Martin’s CEO expects a turnaround in 2025
Aston Martin has faced bankruptcy seven times in its 112-year history, and in its current form, the company remains far from financially stable.
On Thursday, the automaker reported its financial results for 2024, revealing that pre-tax losses rose by 48.7% to 255.5 million British pounds (approximately $322.7 million), while net debt increased by 43% to 1.16 billion British pounds ($1.46 billion).
Deliveries totaled 6,030 units, down about 9% from 6,620 units in 2023.
The results aren’t entirely unexpected, given that Aston Martin has launched several new models over the past 18 months, including the Vantage, DB12, and Vanquish sports cars, as well as an updated DBX707 SUV. The company is also preparing to launch the Valhalla plug-in hybrid supercar in the second half of 2025.
Aston Martin Valhalla
With these new models, CEO Adrian Hallmark expects Aston Martin to achieve full-year pre-tax profits in 2025 and generate positive free cash flow starting in the second half of the year.
However, Hallmark isn’t relying solely on new models to improve financial performance. He also announced that 170 jobs—approximately 5% of Aston Martin’s total workforce—will be cut, a move expected to save the company around 25 million British pounds ($31.5 million) annually.
Additionally, earlier this month, Hallmark stated that Aston Martin would significantly scale back its original plans for electric vehicles. The company had previously intended to introduce multiple EVs this decade, starting with a model in 2026. That first EV has now been pushed back to late in the decade, with no additional EVs expected until sometime next decade.
To further boost revenue, Aston Martin plans to expand its personalization options, offering premium upgrades such as titanium exhaust systems, carbon-fiber wheels, and high-end audio systems. The company will also adopt a more frequent update strategy, introducing additional variants and enhancements throughout a model’s lifecycle rather than waiting until the end of its production run for a refresh.